The way bond math works, every man, woman, and child that owns a fixed-income security issued when rates were lower is now underwater on that bond or that security. As long as they continue to collect payments on that coupon, and don’t have to sell it, fine. If they are forced to sell the security at a loss and book it, that’s a different story. When people want their money out of a bank, and the bank needs to sell securities to pay off depositors, well, we’ve seen how that plays out. Along those lines, big bank problems make the headlines, but there are plenty of smaller depository bank mergers and acquisitions going on that don’t make the headlines. And the same thing is happening with vendors and mortgage bankers & brokers. Before I forget, anyone can post a resume for free here and employers can view them for several months at a nominal charge. (Today’s podcast can be found here and this week is sponsored by Black Knight, Inc. As a pre