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Some of you may have noticed a two week gap in this blog. I have been looking for work and waiting for conditions to be met so I can start originating mortgages at a new company.

In the past three weeks 136 national mortgage companies, including my former employer American Home Mortgage, have gone out of business. Several others are hurting and may not make it. It was reported yesterday that over 30,000 people in the mortgage industry were out of work. Well I am one of them.

Although I will be employed again next week, the bigger picture is the impact on the US economy. Will we have a recession? One piece of this mess is the way mortgages were packaged for sale in the secondary market. Our foreign investors thought they were buying one thing and got another. Like buying steak and opening the package to find hamburger. Not the same value. Here is the link to Fidelity Investments newsletter that explains much of the mess.

Fidelity Newsletter