"Buy real estate - they're not making any more of it." Most of the time that is true, but here is a somewhat interesting 50 seconds of the entire side of a cliff disappearing - England has a new beach. For a mortgage bank, what is your warehouse cost of funds versus the average mortgage rate for your originations? If your mortgages are at 4%, and your warehouse is at 3%, you're earning a 1% spread. For Wells Fargo, its net interest margin, the difference between what it pays to borrow and what it...