A former boss used sailing analogies to describe the mortgage market, saying things like, "A rising tide floats all boats." With refinance loans falling and demand far exceeding supply, it's hard not to look like an industry captain. Whether it is government subsidized programs, wide margins or vehicles to invest capital for large returns, there is certainly a rising tide.
With the wind in our sails, the feelings of euphoria have made us do things we probably never would have under different circumstances. Maybe we paid more for capacity than we typically would. Maybe we created more fixed-cost infrastructure. Maybe we did these things because we could afford to, not because they are strategic.
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