Dismal science

Mortgage industry

By Brij Singh ⋅ October 8, 2005 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

Numbers are pretty big -

Mortgage brokers, virtually nonexistent 25 years ago, now number 400,000 workers at more than 50,000 firms. They are scrappy entrepreneurs and sales representatives who match up borrowers and lenders on roughly 7 out of 10 mortgages. This year, they will collect some $33 billion from their share of an estimated $2.8 trillion in home mortgages.

Was talking to a realtor recently and he sounded very sober about the coming slow-down.

This whole sector is about to cool off.