ROOKIE: Tell me about what the mortgage market looks like.

BRIAN BRADY: The world has been reset to 1999 in terms of underwriting guidelines. Bankers consistently react badly to market conditions. When there’s euphoria they loosen, and when there’s fear they tighten. That’s the opposite of what they should do.

The smartest thing I’ve seen done in 15 years, in terms of financial engineering to market conditions, is the use of …

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