- Jon Bottorff, managing director at HSBC Finance, during a session on mortgage origination, on walk-aways: "We've attracted a lot of borrowers who are really renters ... It is disheartening as a servicer to see the willingness [to walk away] ... [borrowers] simply don't care." Bottorff wants to see the mortgage industry "get back to the classic homeowner" who has a vested interest in staying in their home.
- Peter DiMartino, senior managing director at Bear Stearns & Co.: "The one thing we need to get past is the monoline issue." DiMartino said that the crisis affecting bond insurers is the single largest issue keeping investor confidence at bay.
- Merrill Lynch senior director Sarbashis Ghosh, in a session on RMBS research: "It's not a subprime problem, it's a housing leverage problem ... we have people with a mortgage who simply cannot afford to make their payments." Ghosh suggested the solution was "to address the question of leverage," and went so far as to suggest something like a food stamp program to help borrowers with payments.
- Glenn Schultz, managing director at Wachovia Securities: "[We] need more of a heart-of-the-problem solution ... any [government-led] solution will not be able to be put into place in time to help troubled borrowers."
ASF Update: Said and a Few Thoughts
(Editor's note: Monday and Tuesday of this week, HW will be providing periodic live updates on the sights, sounds, and sentiments at the ASF 2008 conference in Las Vegas.) Some odd-n-ends from Monday, as day two of ASF 2008 looms. We'll start with some pertinent quotes from the experts: