Loan firm leaders say credit crisis worst to come

And now they perceive more misery.

How bad is the current credit crisis going to get?

"You don't want to know,” said Bliss Morris, chief executive officer of First Financial Network. "It's a tidal wave.”

First Financial Network, based in Oklahoma City, is the nation's leading loan sale advisory firm. The company has marketed more than $16 billion in loans and assets over the past 19 years.

Bliss Morris' husband, First Financial Chief Operating Officer John Morris, estimates the financial sector will see another two years of a widening credit crisis.

"We think it's going to be bigger than the S&L crisis in terms of dollars, not in terms of banks (failing),” John Morris said.

Banks and large financial institutions have been hit hard, and the Morrises expect hedge funds will be next. The ability to securitize pools of loans has dried up, which has forced lenders to carry the risk of the loans they originate or cut back on lending, Bliss Morris said.

The government takeover of the nation's two main mortgage finance firms, Fannie Mae and Freddie Mac, and the

Page 1 of 2

12Next

Show / Hide Comments

Business Photo Galleriesview all

FedEx drivers deliver holiday cheer

Monday was expected to be the busiest day for FedEx, which said it...

8 photos

Pelco transmission pole manufacturing

Photos from Oklahoma company Pelco which specializes in the...

25 photos

Washington official tours OKC Hispanic grocery

U.S. Small Business Administration Deputy Administrator Marie Johns...

14 photos

100 Years of Chevy

Images of iconic Chevy cars and trucks from their 100 years in the...

45 photos

Page 1 of 5

Prev 1 2 3 4 5 Next