No More Wake Up Calls.(terrorism)(Brief Article)

Alittle more than a year ago, the nation was on high alert after the deadly terrorist attacks of Sept. 11 killed thousands of civilians in New York and Washington, D.C. Adding to our worries: anthrax-laced mail suddenly began appearing in mailboxes on Capitol Hill and various media outlets. The federal government cracked down on airline security, but the nation braced itself each time intelligence reports warranted a terrorist alert from the federal government. Nobody knew where the next threat might come.

Needless to say, the mood at last year's annual convention of the Mortgage Bankers Association of America, held in Toronto for the first time, was rather somber. Top notch speakers and a crowded exhibit hall couldn't mask the fact that attendance was way down. Many people still weren't ready to board an airplane.

It's tough to find a silver lining in last year's attacks, but we can still learn from them. One thing the mortgage industry learned was that disaster preparedness isn't just an extra homework assignment for students seeking extra credit. It's a business necessity.

Some firms active in the mortgage-backed securities market saw their offices destroyed on ...