Ameribanc had difficulties for a long time, with repurchases and warehouse lines, and it was not from the mortgage industry meltdown. It was based on a meltdown of various individuals within the organization.
The correct checkpoints were not in place (as with so many other organizations) because of greed on the part of some of the officers. Individuals like myself who reported issues such as these were not received very well. The honest ones were shoved out and the unethical ones remained. That was the problem with many companies, and not just Ameribanc.
Hopefully, the industry will learn from this experience and this time will only represent a skinned knee in a marathon race.
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