While Freddie Mac and Fannie Mae keep posting massive quarterly losses, there is one bright side to their earnings reports, analysts said - the companies are getting the lion’s share of the mortgage business.
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I found the above article while looking for the stories about Countrywide which I frequently scan for by using topix.com.
What has got me going about this story is that my career is eerily tied to it. Between 1992 and 1999 or so, Countrywide was Banker's Trust custody client and I worked on their collateral before they began sending all their loans to BONY because a couple of their execs got married and cut a deal between those two companies. Before 2003, Thornburg Mortgage was my client while I was at Deutsche Bank as their custody account manager. I switched jobs in 2003 to go to work for ResMAE, a subprime mortgage lender founded by the same team that started Long Beach Mortgage and AmeriQuest. Greenwich was upset at me (I read on their website they are the #1 in ABS and #2 in MBS) and I think switched to LaSalle down the street from where I worked (I interviewed there once, but they passed. Oh well, their loss.) and JP Morgan in Houston. And now that it's 2008 and ResMAE is defunct majorly due to a margin call by Merrill Lynch that threw them into BK. Now, I'm working indirectly on a contract for Fannie Mae at Countrywide and it's their largest direct purchasing contract. Hrmmm.
Once this contract run is over, I'm wondering if there will be anything for me to go to (I'd really like to go back to doing MERS but all of those jobs I have found have been in snow country and I won't live there.) or will I have to go back to square one and think about getting a new career in a different industry because the mortgage business is basically dead in OC.
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