Historical Times

Unless you're an ostrich with your head in the sand, you realize the historical times that are currently upon us. The mortgage market as a whole has been turned on its head by a tidal wave of surplus Wall Street liquidity that has near instantaneously evaporated. MortgageImplode.com is fast approaching a dozen dozen lenders who have vanished. More will continue to follow suit and the ones left standing will reap the benefits.

GMC Hard Money looks to be one of those lenders who realized the race was always a marathon and not a sprint. We have avoided drinking the greed laced Kool-Aid that so many other lenders have in search of the quick buck and fast cash.

The 'common sense' philophies of originating loans has started to pay its dues and looks only to continue to do so. Our ability to leverage our portfolio investors' appetite for these deals, along with our ability to find the deals and package them correctly is going to go a long way. Firms selling to institutional, Wall Street firms that have the end goal of securitization are feeling the tightening noose currently, if they already haven't had the stool pulled from under them.

Let the others ride the short-term, sugar induced temporary highs - we'll continue to stick with our 'common sense' and 'Underwriting 101' guidelines that have kept us in business to date.