People at work had time over the Labor Day Weekend to absorb and process the changes in the marketplace. Despite several weeks of rising mortgage rates, many of us still held on to the belief that there will be “one last refi boom”. Barring another terrorist attack, the 10-year note will continue to move up, and people will have to change.
So, management is trying to hype up the subprime market. There were a lot of layoffs recently from processing and escrow. Needless to say, morale was a little low. However, the CEO made a statement of intention, and it looks like marketing funds will be directed into developing B-paper leads. That will be good.