Got a couple of calls from Senior Management today. They were desperate to keep their "defect rate" down. I should explain that I work in a rather specialized department of the bank. Our sole purpose is to control the quality levels of the bank, as we report to Fannie Mae, Freddie Mac, Ginnie Mae (FHA and VA), etc. To make it simple for those not in the mortgage business: Banks track their own errors and then report them to their "investors". Some are more honest in reporting than others. The bank I work for has been very honest about it. Transparent, if you will.
Here's the interesting part: As quality goes down, the agencies (Fannie, Freddie, etc) audit more and more of a financial institutions loans. While this isn't necessarily communicated with all employees, one can piece it together when they have been in the game long enough. So I know it is a red flag when management is cracking down on us as a team to work harder to try to get rid of the "errors". This tells me that pressure is coming down from the higher ups in the bank. Which means the "agencies" are starting to crack down...scrutinizing the loans they consider backing/buying. This hasn't been a "hot button" issue since the last housing crash of 2008/2009. Nowhere close to this level. Mark my words, my friends. We are once again entering some very dark days in the mortgage industry. As loan defaults rise, we can expect more and more of this type of activity to occur. It's only a matter of time until these type of reports hit the mainstream news outlets. Heads up. (Note: This isn't necessarily the banks fault, This is a result of loans going "belly up" due to the economy worsening)
The (sub prime) auto industry is about to blow. The big grocery chains are feuding with one another; as hyper-inflation hits, they will price themselves out of business. The retail apocalypse is unfolding before our eyes. The purchasing power of the Dollar continues to die each and every day. Please don't listen to the reports that tell you everything is fine. It's not.
Get yourselves some Gold, Silver, Bitcoin, etc. It won't be long now. God bless.
CJ
I feel exactly the same way. This is why I bought a bunch of silver and crypto. This lie cannot continue forever. Especially since you have an entire generation with nothing but stacks of debt.
This is a pretty scary read taking in consideration that you are an érudit banker.
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