"This is an awesome read. I would really be interested to see how high the percentage of foreclosed borrowers were originated under a no income no asset loan. Even better, let's see the percentage of foreclosed that were approved with income and assets , but an automated FNMA and FHMLC approval with a debt to income at or above 65%, I have seen LP approvals back in 2006 with debt to income ratios above 135% if a borrower had reserves...I can't imagine those ended well when the values collapsed..."    View Comment

"I know of many of my fellow loan officers that could not be licensed because of past credit issues that are now working at local banks so not sure how strict those background checks are...the most amusing part of all this is that the biggest offenders...originators that worked at WAMU and Countrywide, many who now work for the banks that took them over..still are not required to be licensed. Can you imagine if a physician that worked for a large HMO did not have to be licensed or a stockbroker just..."    View Comment

"Let's start with asking why an loan originator is exempt from the strict licensing laws and NMLS testing simply because they work for a depository bank. It would be interesting to have regulators explain how that falls under # 6. What is the best way for the housing finance system to help ensure consumers are protected from unfair, abusive or deceptive practices?"    View Comment

"Breaking news n South Korean navy ship sinking could spark further flight to safety of bonds (CNN) -- A South Korean navy ship sank in the Yellow Sea near North Korea early Saturday, and the navy shot at an unidentified ship toward the north, according to reports quoting South Korean government officials. Yonhap News Agency quoted Navy officials saying Friday that a ship carrying 104 crew members sank off the Seoul-controlled island of Baengnyeong in a flashpoint maritime border area between the..."    View Comment

"I think the direction of rates will become much clearer by next Wedsnesday once the Fed shuts off the IV feed. One can only imagine how bad the last 2 days would have been without the Fed stepping in and buying...that support will vanish next week...not sure who thought up this time table to end funding right around the time that rates normally tick up in the Spring...we had rates with zero points above 5.5 last May and that was with the Fed buying up MBS."    View Comment