Credit Suisse

Commentary: This Will Hurt a Little Bit 

No words: I usually reserve this space for my comments on the mortgage banking week that was, and this week won’t be any different, except to say that I’m deeply saddened by the trouble I’m seeing unfold in the subprime — and to a lesser extent, Alt-A — mortgage market. I’m not bearish on the mortgage markets per se, but as the subprime industry goes through a seismic shift of sorts and in spite of how many in the outside media have portrayed the entire subprime industry as bunch of villians, there are going to be plenty of good, hard-working people on the origination side of the business that are going to lose their jobs because of what is now taking place. And that doesn’t get into the homeowners that have been or will be impacted as well.