Felix Beck is a remarkable survivor. He has been in the mortgage business for 40 years, through waves of consolidation and countless booms, boomlets, and busts. As chairman of Margaretten & Co., he steered a virtual start-up into an industry leader, helped take the company public, and remained on board through its subsequent sale to Chemical Banking Corp.

When Chemical and Chase Manhattan Corp. merged in 1995, Mr. Beck stayed on board and today continues to serve as consultant and chairman emeritus. American Banker recently asked Mr. Beck to evaluate the industry and what it takes to survive as a mortgage executive.

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