I particularly like the following quote from the article.
“It used to be that you could come in a few hours a day, enjoy a four-day weekend and make plenty of money,” Brofman said. “It’s mean to say, but I used to joke that I could get my cat on the phone to sell a loan and a rate: ‘Meow, meow, 5 percent.’ Done.”
It’s ironic, I recently received a couple of calls from mortgage brokers who have fallen behind on their loans seeking assistance. They call in astonishment that their lender won’t offer a loan modification and they are unable to afford their current payments. What can they do? As we often tell homeowners to cut out cable television, get a cheaper car, eat out less, these former industry reps may have to forgo their Mocha Latte’s, sell 1, 2, or 3 of their cars, sell a vacation home or 2 and support efforts to try and keep people in their homes.
The O.C. Mortgage Bust
Jobs Dry Up In Subprime HeartlandBy Dina ElBoghdady
Washington Post Staff Writer
Saturday, October 13, 2007; D01IRVINE, Calif. — After more than two decades in the mortgage business, Tony Ventimiglio got his big break in 2001 when he accepted a managerial job with a lender here in the heart of Orange County for $225,000 a year — more than double what he had made in each of the previous four years.Ventimiglio nearly doubled his salary again two years later, this time at the now-defunct Homefield Financial, where he supervised 100 workers, including salespeople who routinely made $25,000 a month in commission.“When I started working there in 2003, I was embarrassed because I was driving a Cadillac and the young office clerks were all driving Mercedes and BMWs,” said Ventimiglio, 49. “There were a lot of people who knew nothing about mortgages. They were simply in the right place at the right time.” [click on link above for full article]
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