Non-QM, Pricing, Reno Products; Vendor News; CFPB/Freedom Settlement


Posted To: Pipeline Press

Here on the 75th anniversary of D-Day, recall that, “Those who cannot remember the past are condemned to repeat it.” One could easily follow that with, “Those who remember the past can learn from it.” The death of Herb Sandler (Golden West Financial, sold to Wachovia for $24 billion in 2006; Wachovia was purchased by Wells Fargo in 2008) yesterday sparked discussions of loan programs and giving borrowers too much flexibility through the fabled Pick-a-Pay program. My guess is that if there were investors for it, or some similar program, plenty of lenders would jump on it again. The talk of eleven years ago reminded me that I was recently speaking to a funeral services salesman who California who surprisingly asked me if I sent out a commentary on the mortgage biz! It…(read more)

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