Quote of the Day

by Alex Stenback on August 22, 2007

As the mortgage industry sheds bodies like water droplets from a wet dog (24,000 since Aug 1) we came across this little gem from a recently let-go mortgage industry IT worker:

"The mortgage business isn’t dead — there’s just going to be less people in it,"

So true.  And, though some quality people will be displaced, and there will be some serious pain as a result of this contraction, those of us who’ve been around the industry for the last 10 years will uniformly argue that this is a good thing (for consumers and the industry alike), and should have happened 2 or 3 years ago.
Mortgage Job Losses Surpass 38,000 [AP via Yahoo]

{ 1 comment… read it below or add one }

Duane August 23, 2007 at 10:08 am

My thoughts exactly. All these new laws trying to fix the industry…. I think it’s going to fix itself better than the state ever could.

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