Self-billed as "the largest conference in default servicing" -- a distinction we think goes to the annual MBA Servicing event. Still a large event, historically comprised primarily of REO real estate specialists.
I hope you all got out and enjoyed some fireworks this past weekend. My family went down into our little historic town, not all that far north of where George Washington and his men wintered the year we almost lost it all, and sat with friends and neighbors on the side of the hill to watch the show. I thought about mentioning to my kids that these fireworks were real to the soldiers and civilians who fought during the Revolutionary War, and in every war since then; that they represent more than a good time with friends and family, but I didn't.
A cursory glance at any history book more than a decade old (back when we used to compile historical information into books instead of wikis that can be easily updated as we go along) will reveal that great leaders always seem to emerge during highly volatile times. Few are the truly great who inherited a peaceful land in a time of plenty — and still made it into the history books. There may have been some, but they are pretty much all covered together in a sentence that usually goes something like, "and then there was a 1,000 years of peace and prosperity."
Sucks to be those guys.
Bond insurer ACA Financial Guaranty filed suit Thursday against Goldman Sachs.
The suit alleges fraud and seeks $30 million in compensatory and $90 million in punitive damages stemming from the role the investment bank played in the marketing of the synthetic collateralized debt obligation named ABACUS.
Goldman Sachs developed ABACUS and sold it to investors on behalf of its hedge fund client Paulson & Co. in 2007.
I caught an old movie over the long weekend. One of the cable channels (I don't know which one. It comes on after you hit the next channel button a couple hundred times in search of something to watch) was running the 1985 film "The Goonies." It took me back to my college days and surprised me with a critical connection to the mortgage lending business I'd never noticed before.
Some of our 2016 award winners have worked their way up in traditional mortgage companies, while others started their own businesses. They have made their mark in marketing, technology, economics, compliance, asset management, operations and business development.
According to Harvard University’s Joint Center for Housing Studies, the supply gap in 2015 was 400,000 units. Of course, that leads to price inflation on rental rates for existing units as well as driving developers to build. But today’s construction isn’t necessarily providing for all of tomorrow’s renters.
The solutions that offer so much promise also open up the possibility of 24/7 availability. The mission of many in our industry is satisfying consumer demand, and understandably so. But we should be careful. Sometimes consumers are ridiculous and unreasonable. Sometimes meeting their demands comes at too high a price.