by Calculated Risk on 2/13/2007 11:45:00 AM

"When you throw out the words 'foreclosure,' 'short sale,' 'repo,' the buyer thinks it's a deal. It's still very early, but I'm convinced that's where the market is going."
Home Center President Jason Bosch

David Streitfeld writes in the LA Times on Inland Empire housing: It's their default position

During the four-year boom that ended last summer, Home Center expanded from 15 agents to 80 in three offices. The roster of agents has since sunk to 52, only about half of whom are active.

"The rest are looking for side jobs at McDonald's," said Home Center President Jason Bosch. "It happened overnight."

There are some amazing quotes in the article:

"To make a living, you had to push a product you didn't believe in," said Aimee Quigley, a Home Center mortgage broker. "It was like being a defense attorney where you know your client did it, but you have to say he didn't."

Quigley says she tried to emphasize how quickly these loans would adjust, causing payments to balloon, but the message rarely got through.

"Nine out of ten times when these loans closed, we would sit there and say, 'How long can they hold it together?'"