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Author: Subject: Another Subprime Mortgage Casualty...Me!

Zen Peach





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  posted on 10/16/2007 at 05:18 PM
No, not my mortgage, my job.

Got the word today. The company I work for sold off all the Servicing rights, have a job through November 1st. Severance through the end of the year, that's good. Sure will miss alot of good friends I've made there over the years.

The hardest thing will be finishing the next two weeks. Talk about lack of motivation!

As far as the subprime mortgage world and the mortgage world in general goes, I sure have alot to say from all the things I've seen firsthand, but, I better finish out the two weeks first...

Anyway, don't even know why I started the topic. I guess when you are feeling low, you go hang out with the folks you love the most...

 

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Zen Peach



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  posted on 10/16/2007 at 05:27 PM
Hey man, I lostmy job of 17 years with four days notice about 7 years ago. I know what it is like. Hang in there and turn lemons into lemonade.

 

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Zen Peach



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  posted on 10/16/2007 at 05:28 PM
Thanks, man. Plenty of jobs out there. It just...blows. Oh well, that's why God gave man the talent to make scotch!

 

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Zen Peach



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  posted on 10/16/2007 at 05:30 PM
Hang in there, Bhawk, and good luck with what comes your way next!

 

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Zen Peach



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  posted on 10/16/2007 at 05:32 PM
Bhawk, everything will work out fine! Changes like this happen for good reasons.

 

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Zen Peach



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  posted on 10/16/2007 at 05:33 PM
quote:
Manager: Ok, the presentation is tomorrow, so lets make sure we know our usual responsibilities.

Jeff, you keep feeding me old information.

Dean, I need you to continue not living up to your resume.

Sue, you're in charge of waffling.

Sue: "Are you sure?"

Manager: "Jerome, you'll talk a big game and then do nothing."

Jerome: "Let's do it!"

Manager: "Rick, can you fold under pressure for me?

Rick: "Like a lawn chair."

Manager: "And Ted, you just keep thinking everyone is out to get you."

Ted: "They are."

Manager: "I'll be at FedEx Kinkos, where they will help me design, print, copy and finish the proposal."


 

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Zen Peach



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  posted on 10/16/2007 at 05:36 PM
I know it sound cliche'-ish, but, "One door closes, another opens."

Good luck to you in the future.

 

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Zen Peach



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  posted on 10/16/2007 at 06:42 PM
Sorry to here the loss of your job.

I was sold to Freemont Investments in 2004 whne I bought my house. They are in BIg trouble. Speaking of BIG, my mortage when I bought my house was $2,450. Now it is $5,800 a month and they will not let me refi! I am forced to have a second job with 30+ hours and I still have to sell my house

 

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Zen Peach



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  posted on 10/16/2007 at 07:14 PM
I feel for you I lost my job in June.

I'm working part time unloading trucks at the UPS air hub hope to move up the ladder there or finally start making a living at my photography. Between the two I'm keeping my bills paid and I'm the happiest I've been in a few years.

The physical labor has helped me get rid of my beer gut

 

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Zen Peach



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  posted on 10/16/2007 at 07:28 PM
Hope things work out for you... I have some friends who are seeing the other side of the mortgage dilema. Adjustable rates on loans they should of never been qualified for are causing some havoc in thier lives. Out here in No. Calif. entire developments are having forclosures happening and the already "huge drop" in property values are continuing to fall.
Thus the option of re-fi is not on the table cause they owe way more than the home is worth.

 

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Zen Peach



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  posted on 10/16/2007 at 07:36 PM
Bhawk good luck brother. I know some of what you're probably talking about regarding sub-prime lending. I've seen it for years and predicted something bad would turn out. The market here was crazy over the last few years and I kept telling everyone that there was too much greed in the market. Greed was both ways, buyers and sellers, and I've seen a number of people that should have been approved for a $150,000 loan that were given loans upwards of $200,000. They bought with the idea that they would refinance in two years before the interest only matured. Now we see a ton of foreclosures because people over bought.

I'm still sitting on two homes that I built last year hopefully they'll sell soon. I pretty much have nothing to do but one custom house and thank God for that.

 

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Maximum Peach



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  posted on 10/16/2007 at 07:39 PM
Hey man, sorry to hear that news. Keep us posted on what happens.

Can you get a like job in your town?

You worked for a mortgage company or bank that "used to" service their own loans?

 

Zen Peach



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  posted on 10/16/2007 at 09:30 PM
Thanks everyone for the well wishes! By the way, if you ever get laid off and fancy a dram of single malt, The Balvenie Doublewood 12 does a nifty job of easing the pain...


quote:
I was sold to Freemont Investments in 2004 whne I bought my house. They are in BIg trouble. Speaking of BIG, my mortage when I bought my house was $2,450. Now it is $5,800 a month and they will not let me refi!


Are they still your lender? They are probably willing to do anything to get their loans to perform. They won't help you as long as you are current on your loan. Screwy as it is, right now you have to go two or three payments down to get a lender's attention. If the lender does loan modifications, there are some magical deals being made right now.

quote:

I'm working part time unloading trucks at the UPS air hub hope to move up the ladder there or finally start making a living at my photography. Between the two I'm keeping my bills paid and I'm the happiest I've been in a few years.

The physical labor has helped me get rid of my beer gut



You know, when i start really looking, i think I'm departing away from the mortgage business, maybe out of the finance industry all together.

quote:
I have some friends who are seeing the other side of the mortgage dilema. Adjustable rates on loans they should of never been qualified for are causing some havoc in thier lives. Out here in No. Calif. entire developments are having forclosures happening and the already "huge drop" in property values are continuing to fall.
Thus the option of re-fi is not on the table cause they owe way more than the home is worth.


Ahem. These..are...the...things...I....can't.....talk....about....yet....grrrr... ....

quote:
I know some of what you're probably talking about regarding sub-prime lending. I've seen it for years and predicted something bad would turn out. The market here was crazy over the last few years and I kept telling everyone that there was too much greed in the market. Greed was both ways, buyers and sellers, and I've seen a number of people that should have been approved for a $150,000 loan that were given loans upwards of $200,000. They bought with the idea that they would refinance in two years before the interest only matured. Now we see a ton of foreclosures because people over bought.



Yup. One of a myriad of different scenarios - 9 out of 10 have turned out poorly.

quote:
You worked for a mortgage company or bank that "used to" service their own loans?


Subprime lender of the REIT variety. Retained their own portfolio of loans. Sold off the rights, don't need us anymore. The thing is, this is the 6th layoff of 2007. After seven months of rumors, whispers, gossip and thousands of visits to the real nervecenter of any office building - the smoker's patio - I'm kind of glad that it's over. After I started this thread, my wife and 4 year old came home - my daughter gave me a hug and said "c'mon Daddy, we have to change into our comfy clothes and eat dinner and I can take a bath and then we can watch Spongebob" all in one breath. Put it all in perspective. Head up, chest out, got to go forward now. Don't have a choice. The road does go on forever, you know...

 

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Peach Extraordinaire



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  posted on 10/17/2007 at 09:54 AM
The single biggest thing people can do to minimize the shock of being let go is to constantly keep your resume updated and always practice your interview skills whenever possible.

I know it sounds strange for someone who has been at the same job for a long period of time but back in 2004 after 21 years I was a casualty of a reduction in force or RIF as GE likes to call it. Had absolutely no indication it was coming. Went from being an engineering project leader working 55 hours a week to being escorted to the door. poof just like that.

Because of my length of service I did have about three months paid time to get my resume together but I really struggled with it. I also struggled with the whole learning how to interview again deal since the HR world now has a whole different set of interviewing trick questions they now throw at you. I ended up in a much better job but primarily due to my networking with old coworkers.

Anyway best of luck to you, use your network of people, have knowledgable business people critique your resume and participate in some mock interviews would be my recommendation.

 

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Zen Peach



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  posted on 10/17/2007 at 10:54 AM
Sorry to read about this BHawk. Hope things go smoother for you than you could ever imagaine.
Go west young man, but not past Olathe.

 

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If we practice and eye for an eye and a tooth for a tooth, soon the whole world will be blind and toothless. -Mahatma Gandhi.

 

Zen Peach



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  posted on 10/17/2007 at 10:56 AM
quote:
quote:
Manager: Ok, the presentation is tomorrow, so lets make sure we know our usual responsibilities.

Jeff, you keep feeding me old information.

Dean, I need you to continue not living up to your resume.

Sue, you're in charge of waffling.

Sue: "Are you sure?"

Manager: "Jerome, you'll talk a big game and then do nothing."

Jerome: "Let's do it!"

Manager: "Rick, can you fold under pressure for me?

Rick: "Like a lawn chair."

Manager: "And Ted, you just keep thinking everyone is out to get you."

Ted: "They are."

Manager: "I'll be at FedEx Kinkos, where they will help me design, print, copy and finish the proposal."





ROFLMAO! Currently my favorite commercial...anyone who has worked in a corporate envioronment can certainly relate. Bhawk, Im sure sorry to hear about your job loss. As someone else said, when one door closes, another opens and Ive found that to be very true over the years. Start looking now. If you have vacation/holiday time accumulated, I would take it and use the next two weeks to hit the ground running.

 

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Peach Pro



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  posted on 10/17/2007 at 11:32 AM
Sorry to read about the BHawk's job loss. I'm here to tell ya to hang in there -- there is life after being downsized / outsourced / laid off and otherwise.

Having spent decades in Financial Services, a number of my friends and I have been through this experience. If your situation can take it, give yourself a little time off to clear your head and think about what you want to do next.

Get the resuime together, hit your contacts, register with a good head hunter and be persistent. Things will develop.

Good luck and be happy in whatever you do.

 

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Well, I've wrestled with reality for 35 years, Doctor, and I'm happy to state I finally won out over it. Elwood P. Dowd

 

Universal Peach



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  posted on 10/18/2007 at 07:42 AM
Sorry to hear this, hope the news on your Mom was better fella...

 

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Zen Peach



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  posted on 10/20/2007 at 12:22 PM
Happy to hear the great news, Bhawk. It is so cool the way the universe guides us in the direction we need to go, even when it mean the end of a job we thought might last forever. When God does something like that, I always find it exciting, as it means He's up to something. And it is always something good. And that's coming from someone who has probably held a few hundred jobs in his lifetime.

I've been involved with the building industry for over 35 years, and I've been watching this one coming for several years, and telling everyone I know not to get caught up in it.

I don't think there should be any relief at all for people who knowingly bought more house than they could afford, hoping to sell high and cash in like everyone else. Housing cycles come and go, and someone is always left holding the bag. In this case, it is a whole bunch of home-buyers.

 

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Peach Master



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  posted on 10/20/2007 at 10:01 PM
Blackhawk I sincerely wish you the best in your job search. I know it's hard be keep your head up but you will prevail.

I'm still looking and not doing a real good job but I know something is out there for me.

The weird thing about the housing market is my wife's job. Business has never been better. Why...she's a bankruptcy attorney.

[Edited on 10/21/2007 by Kreedham]

 

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