This market is giving some people flashbacks to the S&L crisis
HousingWire Daily
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Mortgage Banking - Is There a Massive Systemic Failure of Our Mortgage Banking Industry?
There are almost 4,500 independent mortgage banks in the US. And if you think about how many of them are even breaking even, let alone making money, I would say probably half, maybe less are actually breaking even right now. There is going to be a lot more mergers and acquisitions over the upcoming year. The major problem right now is there's not a lot of obvious business.
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