Mortgage Industry: 90,000 job losses

I thought this might make some of the Bears happy!

money.cnn.com/2008/01/07/news/ec … /index.htm

but I bet there are about 90,000 people who are equally upset!

btw: Did anybody ever hear of Fresh Mortages? they were a sub-prime lender here? They closed a while back because they could not obtain more financing, then laid all their staff off, I’ve heard now that they are closing up shop totally.

Tell me why it should make us happy for people to lose their jobs? Are you suggesting anyone who thinks that house prices are too expensive should keep their mouth shut?

I think that those of us who think house prices are too expensive accept far too many insults from the property industry. We are “doom-mongers” trying to cause people to lose their jobs and worst of all “unpatriotic”. Who do these people think they’re talking to?

there are no upper crust investors left to buy the sub-prime securitised mortgages.

so why should FTBs fill the gap left by the investors?

Lets face it, the sentiment in here is that if a mortgage broker went under that its a good thing, i know from the types of posts i read and the pm’s i get. I’m not offended, because personally i wouldn’t feel to bad for an estate agent and we are in the same industry.

so perhaps i didn’t post the article that will fuel some stomach wrenching self abuse but lets face it… at least a few of you are feeling the rumblings of a bit of glee!

Yes. But were not allowed to show it. :blush:

Mortgage brokers everywhere would want to watch out for the protests…

youtube.com/watch?v=9tXVGUulgzw

and also, the sob stories… All insert mortgage company of choice’s fault…

youtube.com/watch?v=Z13OfmbWoYM

That story is in America not here, the article headline mislead me! :slight_smile:

I feel sorry for the staff of Fresh Mortgages but I hope the investors and management lost a packet.

You’re right! Ireland is different!

one thing is for sure, a lot of people took jobs there as a ‘career move’ little did they know that six months later they’d be out in the cold

Karl… Get it together man… :unamused:

You got a problem with any posts or indeed PMs, send me a copy or point out the post…

Ah lads I think we can “lay off” the MortgageBroker now… He’s got “back home with mammy” status now…

We’ve been taking swipes at him ever since he entered this cave. Let’s not maul him altogether.

For what its worth, I was speaking to a friend of mine during the week. He’s a very higly qualified financial type with a wealth of industry experience (one of the people who’s views on the economy has helped to shape my outlook).

He was working for a lender which has ceased trading and he has just lost his job. He is only the second person amongst my group of friends and collegues who have lost their job since we left school in the late 80’s, both due to their employers going out of business (the first was as a result of a dot com collapse).

It reminded me of the quote attributed to Harry S. Trueman: “It’s a recession when your neighbour looses his job; its a depression when you lose yours”

Blue Horseshoe

That’s harsh MB.

The US economy needs to lose these jobs - at a macro level, I’d say it’s a painful part of the healing process.

While I wouldn’t wish ill on any of these people, when you hear some of the stories re CFC Christmas bashes etc, you realise that these people made hay while the sun beamed down on them, but are now unfortunate victims because they were blind to the inherently risky system they operated in, much like their employers.

C’est la vie - they live and learn. I can say that because I’ve been in their shoes in post dot-com 2001.