"It feels like 2007 all over again, what with Citi shutting hundreds of consumer lending branches and now BB&T exiting the wholesale mortgage channel."
it is exactly like 2007 again, doesn't it feel like it to you? remember the unease on this site as we went from unknown territory to unknown territory. things are going faster and faster now, that was how it felt in 07 too.
the 25 trillion dollar sprinkle from uncle sam is 'gone' and the (ignored) problems have all grown in 3 years and bbt will be going directly to those customers that wholesale gave them over the years.
They and others like them have been working tirelessly on building up those avenues for just this moment. in the last 3 years and with the low numbers of originations now they don't need to worry about the extra sales force.
bottom lines are being cut and anyone in the profit margin stream that is unnecessary will now be removed.............it is going to be every man for themselves now............what is coming is going to make 2007 look like a beginner warm-up period......strap in the coaster is going into another big dip......... Permalink