The Institutional Risk Analyst

This is the part of the cycle where the strong get stronger. This creates really good opportunities. The weaker are going to go away, either through acquisition or attrition. You will see much more consolidation next year than we saw this year. Production people are always optimistic. They always think that rates will fall and volumes will come back. But even after the rate hikes by the Fed, I still think that we are 50 to 100 bps away from what the natural market rate s