June 6th, 2009 by Scott

Today I welcome another real estate proffesional and friend to this blog. Daniel Smelcer is with BB&T and brings us a history lesson:

Hindsight is always 20/20, but this New York Times article, now almost ten years old, sheds some light on the early days of subprime mortgage lending, where the push came from, and what the motivations were. It also includes an eerie quote from Peter Wallison, at the time a resident fellow at the American Enterprise Institute, who predicted that if Fannie Mae’s new policies fail, “the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”

http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html

Daniel Smelcer is the Financial Leader of BB&T’s Decatur Main branch. In addition to managing the branch, Daniel makes second mortgages, lot loans, and small business loans. He graduated from the University of North Carolina at Chapel Hill in May 2004 with a B.S. in Business Administration with a concentration in Finance, and has been with BB&T ever since. He lives in Decatur with his wife, Susan, a graduate student at Emory University.

BB&T, daniel smelcer, home buyers, Mortgage, subprime mortgage