From what I heard from my short sale agent, Greenpoint (the 2nd mortgage on my old house), was a pain in the rear to deal with. Looks like they are the next mortgage company to shutter their doors.
I don’t know what to feel here. 1900 people losing their jobs is not cool. Obviously my one little short sale didn’t make the whole company go under, but I’m sure it didn’t help. It’s a crazy market out there right now…almost makes me glad I can’t afford a place anytime soon.
Almost.
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You know what, debtkid, I’m going to appologize to you. I’m sorry if my comments offended you.
You said:
I don’t know what to feel here. 1900 people losing their jobs is not cool. Obviously my one little short sale didn’t make the whole company go under, but I’m sure it didn’t help. It’s a crazy market out there right now…almost makes me glad I can’t afford a place anytime soon.
Do not feel sorry for them. Go to: http://ml-implode.com/
That is the number of mortgage lenders that have gone under. Why? They did not do their job. Had they done their job, you WOULDN’T have, COULDN’T have got the loan. That is not an insult. Historically, what was required to obtain a mortgage loan:
- Documented HISTORY of earnings
- Finances to fund a short-term problems
- 20% down payment
They ignored this because they passed the RISK on to mortgage-backed securities. Go read up on it. Also learn about CDOs. Hedge funds are now failing because of this. Downside–we all lose. But you should acknowledge your part in taking on a mortgage of over $400K, if I have the number right. At some point, people have to think for themselves. All these companies cared about was pushing the loan through, along with the risk. Once the ponzi scheme reached its end, these companies were destined to fail.
Nice… At least the DC job market is still flying high. As long as those laid off folks can pee in a cup and pass a security clearance they’ll find work here. Don’t feel bad for them. They can find jobs even if it’s as a janitor in a secured building for DoD. They could have seen it coming if they were credit-risk analysts. I just hope they had emergency funds and not crappy mortgages written by their employers. Wouldn’t that be quite the kick in the teeth?
Yeah, lets hope so mapgirl!
Seattle’s job market still seems strong. Though the majority of my post-college buddies seems to hate their jobs, even though they work for great companies!
Now, someone just needs to post about how that’s the GenY generation. And we are lazy, and entitled and all that stuff… (and I agree with most of those observations!)
And Tyrone, thanks for your comments. I’m not sure why it isn’t showing up. So I’ll paste it here:
You know what, debtkid, I’m going to appologize to you. I’m sorry if my comments offended you.
You Said:
I don’t know what to feel here. 1900 people losing their jobs is not cool. Obviously my one little short sale didn’t make the whole company go under, but I’m sure it didn’t help. It’s a crazy market out there right now…almost makes me glad I can’t afford a place anytime soon.</p>
<p>Do not feel sorry for them. Go to: http://www.ml-implode.com/<br />
That is the number of mortgage lenders that have gone under. Why? They did not do their job. Had they done their job, you WOULDN’T have, COULDN’T have got the loan. That is not an insult. Historically, what was required to obtain a mortgage loan:<br />
- Documented HISTORY of earnings<br />
- Finances to fund a short-term problems<br />
- 20% down payment</p>
<p>They ignored this because they passed the RISK on to mortgage-backed securities. Go read up on it. Also learn about CDOs. Hedge funds are now failing because of this. Downside–we all lose. But you should acknowledge your part in taking on a mortgage of over $400K, if I have the number right. At some point, people have to think for themselves. All these companies cared about was pushing the loan through, along with the risk. Once the ponzi scheme reached its end, these companies were destined to fail.</p>
Yeah, lets hope so mapgirl!
Seattle’s job market still seems strong. Though the majority of my post-college buddies seems to hate their jobs, even though they work for great companies!
Now, someone just needs to post about how that’s the GenY generation. And we are lazy, and entitled and all that stuff… (and I agree with most of those observations!)
And Tyrone, thanks for your comments. I’m not sure why it isn’t showing up. So I’ll paste it here:
You know what, debtkid, I’m going to appologize to you. I’m sorry if my comments offended you.
You said:
I don’t know what to feel here. 1900 people losing their jobs is not cool. Obviously my one little short sale didn’t make the whole company go under, but I’m sure it didn’t help. It’s a crazy market out there right now…almost makes me glad I can’t afford a place anytime soon.
Do not feel sorry for them. Go to: http://www.ml-implode.com/
That is the number of mortgage lenders that have gone under. Why? They did not do their job. Had they done their job, you WOULDN’T have, COULDN’T have got the loan. That is not an insult. Historically, what was required to obtain a mortgage loan:
- Documented HISTORY of earnings
- Finances to fund a short-term problems
- 20% down payment
They ignored this because they passed the RISK on to mortgage-backed securities. Go read up on it. Also learn about CDOs. Hedge funds are now failing because of this. Downside–we all lose. But you should acknowledge your part in taking on a mortgage of over $400K, if I have the number right. At some point, people have to think for themselves. All these companies cared about was pushing the loan through, along with the risk. Once the ponzi scheme reached its end, these companies were destined to fail.
grrrr…why are the comments all messed up. I don’t have time for technical glitches!
Here is what Tyrone wrote:
You know what, debtkid, I’m going to appologize to you. I’m sorry if my comments offended you.
You said:
I don’t know what to feel here. 1900 people losing their jobs is not cool. Obviously my one little short sale didn’t make the whole company go under, but I’m sure it didn’t help. It’s a crazy market out there right now…almost makes me glad I can’t afford a place anytime soon.
—————
Do not feel sorry for them. Go to: http://ml-implode.com/ That is the number of mortgage lenders that have gone under. Why? They did not do their job. Had they done their job, you WOULDN’T have, COULDN’T have got the loan. That is not an insult. Historically, what was required to obtain a mortgage loan:
- Documented HISTORY of earnings
- Finances to fund a short-term problems
- 20% down payment
They ignored this because they passed the RISK on to mortgage-backed securities. Go read up on it. Also learn about CDOs. Hedge funds are now failing because of this. Downside–we all lose. But you should acknowledge your part in taking on a mortgage of over $400K, if I have the number right. At some point, people have to think for themselves. All these companies cared about was pushing the loan through, along with the risk. Once the ponzi scheme reached its end, these companies were destined to fail.
frack me. Still not working…
Ok, 1st part of Tyrone’s Post:
You know what, debtkid, I’m going to appologize to you. I’m sorry if my comments offended you.
You said:
I don’t know what to feel here. 1900 people losing their jobs is not cool. Obviously my one little short sale didn’t make the whole company go under, but I’m sure it didn’t help. It’s a crazy market out there right now…almost makes me glad I can’t afford a place anytime soon.
Yay….OK, and the 2nd part of tyrone’s post:
Do not feel sorry for them. Go to: http://ml-implode.com/ That is the number of mortgage lenders that have gone under. Why? They did not do their job. Had they done their job, you WOULDN’T have, COULDN’T have got the loan. That is not an insult. Historically, what was required to obtain a mortgage loan:
- Documented HISTORY of earnings
- Finances to fund a short-term problems
- 20% down payment
and the third part….whew:
They ignored this because they passed the RISK on to mortgage-backed securities. Go read up on it. Also learn about CDOs. Hedge funds are now failing because of this. Downside–we all lose. But you should acknowledge your part in taking on a mortgage of over $400K, if I have the number right. At some point, people have to think for themselves. All these companies cared about was pushing the loan through, along with the risk. Once the ponzi scheme reached its end, these companies were destined to fail.
Wow. What a comment mess. At least I’m kinda amused.
I appreciate your concern for the lenders, but the short sale you made actually helped them. They went out of the game because of defaults, because their business was built on continually bringing new buyers to the market, regardless of the cost. I’m old school, and saw this happen in Texas in the late 80’s. These guys are chasing the commission of getting someone into a house they have no business buying (read: they can’t afford). I say good riddance.
Thanks!,