FROM THE YAHOO BOARDS
An article in LA Times:
by: LukyWill 80683 of 80695
"If this is a race, the big lenders are still tying their shoes," said James Marks, analyst at New York-based Deutsche Bank. It's a familiar story seen over and over as the Internet transforms the way U.S. companies do business. Analysts say that mortgage-industry leaders appear to be making the same mistakes as did large stock-brokerage firms, which resisted online trading only to watch newcomers such as E-Trade steal much of the exploding online market. For the nation's biggest lenders, the late start could prove costly. Online mortgage originations went from zero in 1997 to $4 billion last year, a scant 0.3 percent of the industry's $1.4 trillion in total loans. But over the next five years, mortgage loans made over the Internet are expected to soar to $250 billion, or about 25 percent of the entire market.--The article makes a good point. The analogy of brokerage firms & online trading to lenders & online mortgages brings it into perspective, who would of thought people would take it upon themselves, with their life savings, to risk trading it in the stock market. The big boy brokerage firms thought they had the industry in check-- now they're playing catch-up. Everyone here knows it's true, and I'm pretty sure everyone who participates on these msg boards trade online, admit it, it's nice to make your own decisions. Anyway, apply these thoughts to the online mortgage industry and you'll see what I'm getting at. FNCM IS A STRONG BUY.
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