What We're Hearing

Here's a little piece of research I heard this morning -- and I don't know if it's true -- but it is interesting: there are more nonbank mortgages lenders out there with net worth positions above $10 million than there are firms in the $5 million to $10 million category. Of course, these nonbanks live and die on warehouse credit. Late last year the Federal Housing Administration issued a proposal requiring its lenders to have a minimum net worth requirement of $2.5 million within three years. In other matters, Bloomberg reported that GMAC CEO Michael Carpenter earned $1.2 million for the 45 days he worked for the company in late 2009. Mr. Carpenter, of course, is still on board, trying to assess GMAC's future. Based on the 2009 run-rate, Carpenter's annual salary would have been $9.5 million, putting him in the same compensation category as Lloyd Blankfein, CEO of Goldman Sachs...