Ok, so the mortgage market is rough. Summer 2007 was a pretty odd time in American history. Over 120 banks went out of business and the FDIC shut down Netbank for their failed lending practices. My father had many accounts at Netbank, so he's living the nightmare right now. (More on that later).
I interviewed Gray Buffington, a Texas Mortgage Broker that I trust. He's been in the business since 1986 and has followed the market through boom and bust cycles. I asked Gray to tell me the truth on the mortgage market and whether Texas will make it out alive in 2008.
INTERVIEW WITH GRAY BUFFINGTON
Give me some background on how you got started in real estate.
It’s been a venture of 20 years so allow me to make this as succinct as possible! While I was an undergraduate in college I had an opportunity to do an internship with a local bank in Austin. I fell in love with Austin and, upon graduating in 1986, immediately began working for a local Mortgage Company. I formed Buffington Mortgage in 2002 and we’ve quickly risen to become one of Austin’s top lenders, in part due to our focus on pushing the envelope in customer service.
I think Alana (Chandler) is one of the coolest women I’ve ever met. How did you meet her and what’s her role?
Alana had done all commercial art and ad copy for a small Austin company and a few years later they were in stores around the world. Alana’s role as the Marketing Director for Buffington Mortgage is to insure that our message of outstanding service and value is communicated to all of our clients and referral partners.
Here’s the big question. Tell me more about the Texas Mortgage Market. Are things out of control?
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