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Author Topic: Mortgage industry slashes jobs
Charles
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The mortage crisis in the US has led to massive layoffs in the mortgage industry. Kinda like what happens in animation every once in a while, but worse for these folks since they're probably not used to it.

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Mortgage industry job cuts surpass 38,000
Companies stop 'on a dime'; 24,000 positions eliminated so far this month

http://www.msnbc.msn.com/id/20396081/

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ApeLad
IE # 231
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It would be interesting to compare the number of mortgage brokers (and realtors) 7 or 8 years ago. The bubble has popped and everything else is coming back down to earth.
Hopefully the banking industry in general can absorb some of these people. If not, there are lots of "apartments that became condos and then reverted back to apartments" that need managing.
Collection agencies will undoubtedly need lots of employees soon too.

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SNAKEBITE
IE # 101
Member # 17

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my apartment building has been sold 5 times in two years to companies threatening to convert and kick us out...with the first option on the condo ofcourse....first option to be seriously ripped off.

its frustrating never knowing when you're gonna get that notice to get out.

I'm not too worried about it these days. but still, that stuff bugged big time.

My sister works for a pretty major lender out in Phoenix Arizona. prices there have gotten silly too.

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Charles
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Lighten the load bro so you can be light on your feet. It's good to experience other places.

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SNAKEBITE
IE # 101
Member # 17

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yeah, no doubt.

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SNAKEBITE
IE # 101
Member # 17

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...hey wait, you tryin to get rid of me? [Big Grin]

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Jennifer Hachigian Jerrard
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Member # 2280

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A few unlucky neighborhoods will soon have more than one "Monster House." With no one to look after them, the abandoned homes are deteriorating:

quote:
From http://www.azcentral.com/arizonarepublic/news/articles/0806foreclosed0806.html

Homes left behind leave messes for neighbors
Neighbors, communities stuck cleaning up after

Edythe Jensen
The Arizona Republic
Aug. 6, 2007 12:00 AM

City code enforcers and county mosquito patrols across the Valley say they're seeing a spate of weeds and green pools in places they never used to: newer neighborhoods with higher-priced homes.

Increasing numbers of these properties are being abandoned by cash-strapped owners, leaving messes and headaches for neighbors and municipal officials.

Chandler real-estate agent Liz Morganroth said she dons a disposable face mask before she inspects new foreclosure listings but can't always escape the stench.

"Many of them are disgusting: trash and animal feces everywhere, rotting food in a refrigerator crawling with maggots. We even find pets left in the house," said Morganroth, who sells foreclosed homes in Chandler and Gilbert for Realty Executives.

Her inventory, she said, is skyrocketing.

A good portion of her listings were occupied by tenants who faced eviction because their landlords weren't paying the mortgage. "Some of these people had been paying the rent every month, but the owner wasn't paying the mortgage," she said. "They were forced to move and lost their security deposits, so they totally destroy the homes out of anger."

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