my sister lost her job today (mortgage biz)

[Neecy]

She's been an underwriter for years - mainly HUD loans. The company she worked for didn't do subprime so the crisis is cutting pretty deeply. Their entire office is being closed and this is a *big* organization that's closing multiple offices today.

She said her co-workers are a little panicked because there's nothing else out there in the mortgage business. Sadly, she said a lot of them are discussing doing about the only work in financial services left - credit collection.

So, the person who underwrote your mortgage may be calling you to get you to pay it. There's something seriously wrong with this country when credit collection is the only growth industry in the financial services sector.

She has no idea what she's going to do. She has a son in college and no matter what she does next it'll be a major pay cut.

[Virginia Dare]

1. Well crap, this isn't good is it?

the economy has been largely propped up by real estate and consumer credit, and now all of that is going to hell. We're in for some bad times I'm afraid. I feel sorry for anybody out there who is carrying a lot of consumer debt.

[peace13]

2. I'm sorry to hear that.

Things are getting pretty messy out here in this booming economy. I'll think good thoughts for her. peace, Kim

[Hydra]

3. I keep telling people the damage is not confined to subprime

"Nah, this is just a 'correction'" my better off friends say.

No way- Our economy is getting flushed, and the people who aren't panicking are the ones who don't understand how all this works.

Good luck to your sister- I hope she has alternate skills or has luck enough to get rehired in financial services somehow.

[KG]

4. ain't capitalism grand?

:eyes:

[Warpy]

5. Start papering the town with resumes

especially at banks. They might be interested in someone who has loan experience and would be willing to help her transition to business, car and consumer loans.

Yes, it will be a pay cut at first, but she will have lots of company, sadly.

[Withywindle]

6. I wish her the best of luck.

Sad stuff.

One of my jobs is in fundraising for a large not-for-profit arts organization. It involves calling a lot of wealthy people--not super-rich, but definitely well off. I'm getting a LOT of people turning us down with great shame and regret, because they're in the housing business or in the related financial fields, and their business are crashing.

I never thought I'd find myself feeling bad for people who can (or could) afford to give away more money to one organization than I make in three months. But sometimes I do. Taking a financial punch to the gut sucks at every level, and we're all interconnected.

[flashl]

7. Good Luck to your sister and family. n/t

[DangerDave921]

8. awful

Banks are losing a ton of money on mortgages and consumer debt. Sadly, this will translate into massive layoffs and a recession.

We seem to glorify in our mass consumption culture, then we end up spending so much that we can't even afford. And this is the end result.

Best of luck to your family.

[mnhtnbb]

9. Sorry to hear that. My son was laid off from his tech support job

with a software company last Monday. Second layoff for him in 3 years.

[AnnieBW]

10. Our mortgage guy is begging us to refi

Our mortgage broker, who helped us to get out of Chapter 13, has sent us two letters about refinancing already. I'd love to help him out, but 1) I'm concerned about getting approvals, etc. in this sucky climate, and 2) he did such a good job the last time that we have a decent rate and probably can't get two points lower.

I feel for your sister. I wonder how big of a bonus the CEO got this quarter, too?