Reiner attributes vacating the position he held since February of 1998 to differences in terms of how to grow the business. "I was frustrated with a number of initatives that were proposed but never got done; and I thought those initatives were essential to growing the business to the next level." Reiner is considering several options within First Union but says he is also exploring opportunities outside the company.

When asked if the industry might start to see a trend toward restructuring among other lenders, Reiner said "the conduit business is much more difficult today than it once was and that's putting everybody under increased pressure to take a harder look at the operation and how it's structured."

As to why the business has become more difficult, he concedes that technology is more involved, but suggests "it's more a function of the fact that the product has become commoditized and the profitability has diminished due to increased competition."

Looking ahead, Reiner believes the industry is going to be dominated by a few giants. "I think the institutions with large balance sheets will continue to be active on the principal side. They'll take principal risk and be in the business of originating loans while we continue to see the small players fall by the wayside."