In his 2010 article, “The Signs Were There…” Dr. Thomas J. Healy writes, “the year 2006 was a pivotal one for the mortgage lending industry…There were signs of trouble – but we were still making money.” He goes on to outline the plentiful signs that the industry’s paradigms were shifting; but, the myriad signs were ignored. He writes, “As Jeffrey Marshall and Gregory J. Millman wrote in their article, ‘Lessons from the Abyss,’ ‘One difficult problem is that much of the dubious financial market behavior that chronically emerges during the expansion phase is the result not of ignorance but of the concern that unless firms participate in a current euphoria, they will irretrievably lose market share.’”

Fast forward to today – May of 2024 – and we see eerily similar trends to those we found in 2006. Now is the time to perk up our ears and pay attention to the patterns we recognize, and the outcomes that could follow (and have before).

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