Posted on 05/23/2009 1:16:00 PM PDT by fiscon1
If you work in the mortgage industry, the closing down of Bank United should come as no surprise.
Back in November, Bank United suspended all mortgage activities and turned their mortgage department into a loan modification division. They were in charge of modifying each and every loan they still owned. Bank United, you see, from about 2004-2007 specialized in a loan known as the Option Arm.
(Excerpt) Read more at theeprovocateur.blogspot.com ...
Last sentence of the article:
“I don’t think this Option Arm nor the looming crisis in commercial loans will whack the banking industry just as they think they see the light at the end of the tunnel. “
Looks like he changed his train of thought in the middle of the sentence.
Remove “don’t” and change “nor” to “and” and it makes some sense.
Any other ideas?
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