—-As noted in this well written and informative article, the back lash of the “FUBAR” which many call our secondary mortgage market today is only beginning. The degree of bad choices or improper decisions has gone far beyond poor training or ineffective policies or procedures. The real concern was the regularity that these types of bad loans were generated.
This means a lot of clean up work for those of us who are willing to roll up our sleeves and begin the arduous process draining, mopping up and repairing the damage all the overflow from the flood gates of greed.
Of course these efforts will be in vain, unless the flow of “water” is not channeled appropriately. This of course is what our beloved administration is trying to do, and hopefully through the normal process of trial and error they will not create yet another system that is labeled “FUBAR” by the next generation of appraisers and litigators.