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Spontaneously Combusted

Joined: 12 Mar 2007
Posts: 2099

How Many?
PostPosted: Wed Mar 14, 2007 2:33 am Reply with quoteBack to top

I'd like to ask how many of you are in the mortgage industry?? How many of you making some of these really ridiculous posts are IN the industry.

You make comments about companies like the fact that they are going out of buiness is good. No company going out of business is GOOD.

Sure, some may have participated in VERY risky lending practices, but it's NOT good that people are losing jobs.

So, before you make your next snide comment about "another one biting the dust", think about what you are saying. Have some sensitivity for those people who no longer have an income.

Please don't take this as a statement that I agree with what went on in the industry over the past years, I don't. I just know how it feels to lose a job in this turmoil.

I don't know where you all work, but if the same thing happened in your industry, you'd feel the same way I do.
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Joined: 09 Mar 2007
Posts: 16

PostPosted: Wed Mar 14, 2007 3:17 am Reply with quoteBack to top

I know a person really well that is a LO. He/she started getting leads again today after 5 days without a single lead. He/she deals in a lot of Alt A and subprime. Alt A and subprime lending is a swirling turd that is about to go down the drain. He/she is looking to jump off that turd while there is still a bit of daylight.

You bring up a great point. These companies are full of human beings that have families, children, and loads of bills. This correction is FAR from funny. Scammers and fools may get what they deserve, but the scammers and fools are an anchor around the neck of the whole industry.
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Spontaneously Combusted

Joined: 12 Mar 2007
Posts: 2099

Re: How Many?
PostPosted: Wed Mar 14, 2007 3:35 am Reply with quoteBack to top

I only wish people would treat this for what it is, a tragedy for the industry's work force.

There are some unscrupulous people out there that took advantage of some homebuyers, but those are not the majority. The majority of the people in the industry are the underwriters, processors and closers who are losing their jobs.

For every AE out there, there are 3-4 employees on the back line.

Please have some copassion for people along with your contempt for the ones responsible for this.

EDIT: By the way, I'm surprised that even one person responded to this post. I didn't think anyone would. No one cares for anything but sensationalism.
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Schumpeter Reincarnate

Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: How Many?
PostPosted: Wed Mar 14, 2007 12:00 pm Reply with quoteBack to top

This is not an industry site. This is the ANTI-industry site. If you are looking for sympathy and positive words about this turning around quickly you should consider spending time on a site like BrokerOutpost or one of the many others out there. It doesn't mean we don't have sympathy for some of the the individuals involved, but that is not the focus of this site.

We are going to continue to expose this mess for what it is, and discus ways to protect ourselves from the fall out, and maybe even profit from it. And yes, we might even take pleasure in watching some of this stuff blow up (Hello ... we're the implode-o-meter).

If you find this offensive, this site might not be for you.

(disclaimer: these words are solely those of bdc63, and do not necessarily reflect the opinions of the owners and advertisers of this site)

"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912

Last edited by bdc63 on Wed Mar 14, 2007 3:57 pm; edited 1 time in total
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My head implode

Joined: 17 May 2006
Posts: 493
Location: Atlanta

Re: How Many?
PostPosted: Wed Mar 14, 2007 1:26 pm Reply with quoteBack to top

It's a shame that unscrupulous businesses can take down good people with them, but rooting for such businesses to fail has an element of justice.

Sure, the good working people who lose their jobs are victims of these bad business practices, too, which I doubt anyone on this site would deny. But like bdc said, this site is focusing on the implosion of subprime, which is itself a sort of rebalancing of the system - a cause and a effect type of thing. Many on this site saw the causes and were predicting the effects. Now that the effects are coming true, their views are being vindicated. It's not personal and it's not against good people. And I don't see it as sensationalist either.

Justin @ Justin Owings dot Com @ The Mortgage Lender Implode-O-Meter
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Joined: 13 Mar 2007
Posts: 6

RE: From a mortgage broker of ten years
PostPosted: Wed Mar 14, 2007 1:56 pm Reply with quoteBack to top

The public perception of the mortgage industry is not a good one. Unfortunately, for me, there are some really unethical, greedy people that have broker's licenses. Not all of us are bad. I am vehemently against giving my clients ARMs. In the last 3 years I have made every effort to refinance people off of ARMs and onto fixed rates. I always give my customers par rate and I charge on average 1% as my fee but never more than $2500. I shop constantly for title companies with lower fees. Not every mortgage broker or loan officer is a superstar.

I think this change in the market is good for the industry. I see it as a cleansing of the "proffessionals" that have no business being in the mortgage business. I feel bad for all of the employees losing their jobs. Things have gotten way too loose in the subprime market, and its time to fix it now. There is nothing wrong with making money off this collapse. We are a capitalist country.
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Flash in the pan

Joined: 12 Mar 2007
Posts: 80

Jesus of Suburbia
PostPosted: Wed Mar 14, 2007 3:15 pm Reply with quoteBack to top

Mortgage brokers, AE's, LO's , realtors-what ever you wanna call'em, they're all parasites. Greedy, non-productive paper pushing parasites. They deserve what they're getting. They don't build anything, they dont create anything they dont add any value to anything- we have no room in the current economy for them. Good riddance.

I laugh at them and their misfortunes because inspite of widely available information they continue to commit felonys and act surprised when they or their employer gets caught. I despise them because I know that in the end, I will have to pay (via increased taxes on the productive members of society) for their sins. Yes, I am Jesus of suburbia...
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Joined: 25 Jan 2007
Posts: 488

Re: How Many?
PostPosted: Wed Mar 14, 2007 3:47 pm Reply with quoteBack to top

Let me answer your questions:

1) I worked for a CPA firm performing audits in the early to late 90's of financial entities - banks, mortgage companies and pension funds. I saw the last implosion first hand. I have shared the story before so I wont do it again. On a side note - I hope we start a hedge fund implode-o-meter. These guys are bigger crooks than the REIC members. Having meant some while working with pension funds, I can honestly say they are much more shady, but I digress..

2) Why are you coming here for sympathy? Go cry somewhere else! In fact, why don't you visit some of the families placed in these toxic mortgages and ask them how they feel. This whole industry knew what was going on and now you want sympathy? Give me a break. If these people didn't know, then they are either blind or stupid.
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Joined: 13 Mar 2007
Posts: 3

Re: How Many?
PostPosted: Wed Mar 14, 2007 4:21 pm Reply with quoteBack to top

I am one of the people in this industry that IS affected by all of this, and I have no issue with it. I was fired from Countrywide on Monday, and I was with MLN prior to that.

I see all of this as a "weeding-out" period in our industry. I have been in subprime for over 12 years. Over the past 3-4 years we have a way too many "Mortgage Professionals" come into this because it was EASY money. Those are the ones who had NO CARE about the customer or anything. They only cared about how BIG their commission was going to be. I will be happy to see ALL of them GONE. I know it will affect many people, and a LOT will lose their jobs. But this will get us back to how the mortgage business is supposed to be....... helping consumers to buy or refinance a home, with the BEST program for THEM. Not what makes the most $$ for us. Some people will not qualify for a loan now. SO WHAT! Not every deserves to own a home. They will have to work for it again.

Can someone who is 5'3" tall, 130lbs become an NFL Lineman?? ...they don't qualify! That's the way life is. Deal with it.
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I pay attention

Joined: 12 Mar 2007
Posts: 8

Wait a cotton pickin minute
PostPosted: Wed Mar 14, 2007 5:59 pm Reply with quoteBack to top

I just joined this forum and I hope the rhetoric and attitudes displayed by
some of the participants here changes as I did not perceive this site as a place to vent half cocked opinions and spew deep seated bad feelings about Mortgage professionals and the industry in General. The one thing I have noticed is the half truths and opinions based on half truths that have popped up on all the topics here for the last week. Yes .I am a mortgage consultant for National Bank and I have been a Broker, Branch manager for HFC( thats right go ahead , but I left when Hsbc took over (on my own), and became an area manager for Countrywide BC all before going to a Bank where I feel the future of brokerage and intrernal mortgage control is where the Industry is heading.. I hope and believe the originator of this site intends to make this forum a place where all aspects of the industry can be discussed in an intelligent and perhaps civil manner and out of these discussions improvements can be made from the postings made here to create a stronger and better served marketplace. " Those that do no learn from history ,are doomed to repeat it" Lets use this time to learn,grow in knowledge and report things after a little due diligence instead of turning this forum into a harbour for gossip churning and venting of personal vendettas. I believe we will all be better served and more in line with what this site was intended to be, Thanks!!!!

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