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An Open Letter to the GSEs: I Love You Guys.
Dear Fannie and Freddie,
Hi, it's me, Joe Mortgage Banking Co. I know I've been ignoring you the past four years but have I told you lately that I love you? I know this sounds like a strong come-on but after thinking long and hard about it, I realized, well, how much I miss you guys, how much I need you guys. Really.
Yes, I admit it. I went off on a bender in nonprime land. I was into alt-A, subprime, 80/20 combos, stated-income, and yes, investor loans. Heck, I even dabbled in alt-B but don't ask me about that. (And please, don't ask me to describe, what alt-B is. Some tawdry Wall Street firm said it'd buy the loans so I made them. I didn't feel good about it but I did it. To this day I can't get the grime off me.)
I guess I would just like to say that I'm sorry for ignoring you guys these past few years. While you two were being drawn and quartered for your respective accounting scandals, I was off, well, dating other secondary market investors.
At first it was exciting. How could it not be exciting? Those boys and girls on Wall Street were willing to extend me warehouse lines of credit at almost loss-leader prices. The only thing they asked in return was that I sell most of my production to them. (They took me on trips, called frequently, sent me scotch. You get the picture.)
And let me tell you, back in 2003/2004 the prices paid in the whole loan market were out of this world: 103, 104! Bring it on, baby. So, I moved away from conventional lending, concentrating my efforts in the nonprime world. But I didn't abandon you guys entirely. I still kept originating prime loans and selling them to you. It's just that my conventional volumes (in your eyes) fell off the table. Plink.
Can you blame me? I saw all those nasty stories in National Mortgage News, the American Banker and The Wall Street Journal about you ...
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Source: HighBeam Research, An Open Letter to the GSEs: I Love You Guys.