May 21st, 2010 
admin Posted To: The Garrett Watts Report
Twenty years+ years ago I was operating a savings and loan backed wholesale mortgage bank that was on the brink of shutting down. Regulators had altered capital regulations and the S&L's owners were not willing to pony up additional funds to meet new reserve requirements. At this time, the company I operated was originating around $50M per month via third party originators. We were generating around 50 bps of profits. Knowing that I was about to lose my balance sheet and warehouse line, I quickly networked to find a financial partner that would provide the capital needed to keep operation open. Lucky for me I found a commercial bank that saw my mortgage lending business as an opportunity and they decided to partner with me. Unfortunately, my investor approvals were with the S&L…(read more)
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