Check the date, it’s true. Wachovia decided just today to stop issuing new neg am loans. Which means last week they were still doing it. As you read on you see they didn’t even start until 2006 and it cost the CEO his job. How is it possible that a bunch of clowns like us with no banking experience other than balancing a checkbook could run the 4th largest consumer bank in the country better than those who actually went to school and get paid to do it.
I’m thinking of offering my services as a consultant and at the first meeting I will say something like “I think the next big thing in mortgage banking will be…..down payments.” Then the guy to my right raises his hand, I call on him and he says “let me see if I have this right, you mean the borrower puts up some of their own money so we reduce our risk by that percentage, I like it, but is that legal? There are a lot of new regulations, maybe we should run this by the lawyers.”
