Thursday, January 03, 2008

Wall Street during the downturn

I always get a kick out of reading Tanta's posts over at the Calculated Risk blog. A great wit, which springs from a deep understanding of the mortgage business. She goes off in a recent post on some information shared by Source Media's Paul Muolo.

I truly enjoyed this post and think it's right on the money. It also reminded me of a conversation I had with an origination technology vendor at last years MBA annual convention. While there is always plenty of wishful thinking going on during these times, the story I got was that one Wall Street firm was looking at an LOS that it could deploy through the Web to its offices around the country. The company could then sell loans directly to its wealth management and brokerage clients. It's still just a rumor.

But if there are two things Wall Street people are fairly good at (well, two more if you count Scrabble and Playstation) they are getting rich people to part with their money and deploying technology that allows them to do their jobs without advancing beyond the order taker mentality. I wouldn't write those folks off just yet.

1 comment:

prashant said...

Agree with you abt Wall Street's skills at getting "rich people to part with their money"...

However, a tiny quibble... it's not just the rich. Wall St is getting even better at getting wider swathes to pay up - over 50% of America is invested in the stock market...