At one time, making home loans was a pretty stable job. The 2000 - 2007 housing bubble changed all of that and the root of the problem was government policy and the Federal Reserve. Mortgage backed securities became a swindle and the AAA ratings they received as investments were bullshit.
Fast forward to the ninny state we exist in and the enabling government ass clowns in charge and you have housing bubble part two. When this Hindenburg of a housing bubble is laying on the ground in flames and ashes, there will be a great many borrowers and lenders who will say "Who could have known this was all just a bubble??"
"Rising mortgage rates are putting pressure on lenders as applications decline.
Movement Mortgage is the latest to face struggles, laying off around 170 employees, HousingWire reported this week. Employees in the processing, underwriting and closing departments were most affected by the cuts, according to the report."
When the executive class at mortgage lending businesses start laying off the front line staff, the fat lady is singing.
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