"With the irreverence that so many brokers collectively and consumers individually had for mortgage lending and the capital lending markets packaged with the rampant fraudulent schemes, both large and small, that have sucked billions upon billions out of investors through weakly and misleading capitalized debt traunches, for loans that never had a chance of repayment or service.

 

We are now facing some of the most tumultuous financial times in history that will yield some of the largest and most respected names in our industry to either seek partnership with even larger institutions or face extinction. The housing boom that all had felt good about, was merely a house of cards that may very well be the start of the fall of capitalism. Only time will tell what lies ahead for our country but the days of 20, 30 and 40% and more annual appreciation are gone for good, or at least for our lifetime."

David Shamansky