Quote Originally Posted by MCNetwork View Post
Wow I didn't know they didn't balance sheet anything. That's how many mortgage lenders operate. They just sell their paper to big banks or the government. They're just a middleman...
Well they were balance sheeting a lot of it but they have just recently made this big push to sell more of it. An affiliate of Jefferies has agreed to buy $500 mil of future loans, which is only about one quarter's worth of origination.