Monday, August 11, 2008

The One Year Anniversary of the "Credit Crisis"

In August of 2007 we knew that changes were occurring in the mortgage industry. What we didn't know was that while the owners of our company were on vacation, various investors and lenders would simply stop funding approved, ready to go loans. Leaving us here to desperately try to explain to people why suddenly they actually weren't buying or refinancing a home after all.

Like any good employee would do, we called the owners and whined, "Everyone is mad at us, what should we do?"

And like anyone with thirty years of experience in the field, on vacation with their family, would respond they said, "Everything will be fine."

The combination of perspective and Disneyland has an unbeatably calming effect, evidently.

And alas, they were right, as one year later we're all here to tell the tale, though it's still unclear if the worst is over.

Here is an interesting article about the beginning of the end of the mortgage world as we'd known it for several years.

And here is a terrific analysis of the various financial sectors that have been affected and the invasive steps the government has made (and is poised to make) in order to stave off a recession.

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virtualserver55 said...

Cheers! They look great, but certainly glad that this particular journey is “fini” for now!

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