(Thanks, N.
Reader N. writes:
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My friend was volunteering in a gallery recently. This couple, who were shopping in this classy Southern California art gallery area, began, on their own, out of the blue!, to tell my friend whom they just met in this gallery, that regarding their bank, “Something really different is going on!”
Their bank (name withheld for publication) knows something is about to happen!
Their bank just hired (a large number, say, between 750 and 1,000) mortgage underwriters to work out of their bank’s mortgage underwriting center that serves nationally!
Upon hearing this, my friend, who is savvy and experienced in business, speculated, saying, “The magnitude of hiring hundreds of underwriters is huge, unprecedented! They must be expecting tons of loan applications for people’s mortgages. Reasons for that may be anticipating lower interest rates, changing the underwritng guidelines, or loosening up the rules for making loans…”
I suggested, “Maybe the reason is that the bank knows that soon, people will have tons of money!” My friend was excited and said, “…so they’ll be buying houses!”
I am excited too, hearing this story…
