No problems were solved in 2008. Some would argue that more problems were created by the government. But, they are not generally known as problem solvers anyway. Will 2009 bring back sanity to the world of mortgage lending? Will we repeat the same mistakes in 10 years as the clock is turned back 10 years in terms of underwriting? Only a few hours remain in 2008 and it cannot leave soon enough for many.
Many proposals turned out to be lip service. FHA Secure. Hope for Homeowners. And others proved to be thinly disguised scams. Foreclosure Rescue. Loan Modification intermediaries. Credit card reductions in amounts owed. And who could forget TARP? The biggest scam of them all.
2009 is almost here. A challenge for me personally as I re-locate. Do I ponder a change in direction myself? It may not be a bad idea though I have devoted the past 18 years to mortgage lending. It could be a great time to make a change in the financial services field. It may be time for something new. Or perhaps not. Time will tell.