[Market Watch] As the coronavirus pandemic threatens financial markets and sends the U.S. economy into a potential recession, those of us who lead mortgage firms must take swift action to prepare for the worst. The last time the financial markets suffered such a precipitous drop was during the 2008 Great Financial Crisis.
I was CEO of CitiMortgage during and after that crisis and saw firsthand how the housing market became paralyzed. I’m now CEO of the nation’s third-largest housing specialty lender (HSL), and I’m applying some of the lessons that I learned from the last crisis. Here is what we in the mortgage industry should consider doing immediately: |