Mortgage "Brokers"

[fett]

They are dropping like flys. The layoffs and downright failures are going to throw thousands out of work. I'm not trying to be an ass. But what are they going to do? Sell Used Cars. This is serious stuff.

[SouthPlatteDemon]

No doubt. I'm not sure if they really had any marketable skills outside of following directions. I'm sure the financial labor market will be full of those looking for work, the same as after the dot bomb with the tech support folks.

I have one buddy that sprays and mows weeds now when he used to bring down some serious cash at a dot bomb.

[Jason1212]

Probably, I am sure that there are some geniunely good people out there in this field that are getting screwed but overall those guys are sharks. One sub prime company closed its doors abruptly last week. Capitol One and Countrywide are both chopping heads or closing their sub primes out as well. Did you read about Countrywide taking close to a 12 billion dollar loan so they can continue to offer loans? I came very close (did three interviews and a back ground check) to working at Countrywide. After having worked at MCI through the boom and then bust I took my time and thought it over and decided to pass on their offer. Although the position was in their "A" paper devision I new the boom was soon to end.

[fett]

Easy Money and Easy Sells bring out the fast talkers. And these young pups fell into that shit. Now they are being hung out to dry. Those dicks have screwed so many people, I hope they roast in hell. But, the impact on these people will be awful. I hate them. But, I feel for them at the same time.

[horns666]

"Brokers" are fittingly named..since they make people Broke.

[fett]

Yeah. The people chose to be asswipes. There are thousands of them that may get what is coming to them. But, they have families too. I'm not sure where I am going here.:ROTF: :ROTF: :ROTF:

[Jason1212]

Mortgage brokers have been like this for a while though. They said I qualified for 150,000 home when I was bought my house in 98. I new I couldnt afford it so I didnt bite.

[atomic charvel guy]

I'm a broker. Not a mortgage broker, but still a broker. It can be a great way to earn money. Teaches you people skills, actually have seen it give some people a personality in the end, etc. It's just not for everybody. i am fully burnt on sales, but I'm still brokering so to speak.

[Rsmacker]

Look on the bright side Fett, some of them are bound to have nice guitars at home they are going to have to offload cheaply to feed themselves. Bingo!!

[fett]

Just wait until they get "Upside Down". Just like when you buy a new car and finance it. The sad thing is that they and a lot of others are capsizing as we speak.

[Shawn Lutz]

although I feel sorry for the people losing their jobs the industry brought it all upon to themselves....you reap what you sow and giving loans to folks who are not really qualified in the first place is just bad business....foreclosure of a dream.

[VinceV]

A couple of the younger guys(mid 20's) in my area, have been living large the last 2-3 years. Lamborghinis,Ferraris,Bentleys all the toys that come with money. Me and my wife were joking about how sad it will be when we see them riding a bike everywhere.

I don't want to sound like an ass, but you know these guys are gonna be responsible for more than a few poeple losing their savings in the next year or so.

My sister in law worked at a mortgage place place for about 6 months last year, and the stories she would tell us about how they would cold call and pressure people. Talking older people who had just a few years left on their home to refinance for 4-5 times the amount they originally bought their homes for. Those poor people have no way to pay these loans especally when their variable APR's come up in a year or so. It really is sad.

[fett]

This whole thing is a big headbutt to how things should work. There will be a lot of losers and very few winners. This whole thing scares me to death. Is our whole counrty pipe dreaming?

[Chad]

I worked in insurance for 8 years. I couldn't *stand* mortgage brokers. To secure loans, they would demand the most ridiculous string of stuff and always wanted it yesterday. They represented enough mortgage companies that they really didn't know specifically what any of them required insurance-wise, so they would just go through this checklist of time-wasting garbage. And if you didn't do everything they asked for, they would tell the client that they couldn't close the loan because their insurance agent isn't cooperating. Clients that I knew well would tell them to stuff it, but I ran into problems with newer clients that I didn't know as well. Or people who were hanging on the edge needing the loan. There were times that I would rather lose the client than fulfill the mortgage broker's ridiculous requests.

Mortgage brokers for the most part just acted like salivating, greasy shysters. Maybe they weren't, but that's how they appeared from the insurance perspective. So this may be a good riddance.

[DonP]

My sister in law worked at a mortgage place place for about 6 months last year, and the stories she would tell us about how they would cold call and pressure people. Talking older people who had just a few years left on their home to refinance for 4-5 times the amount they originally bought their homes for. Those poor people have no way to pay these loans especally when their variable APR's come up in a year or so. It really is sad.

These people that took out these loans went out and spent the money giving the economy an unrealistic boost. Now that they don't have all of this extra spending cash, I think we are due for a big downturn, especially on big ticket items (big screen TVs, cars, etc).

Brokers learn people skills? Maybe I should change careers? My people skills suck!