http://www.foxnews.com/story/0,2933,418081,00.html Well...there goes my job. It was fun while it lasted. They'll probably start closing branches again this week. No way I make it through this round. I'm 34 years old and manage a branch for a mortgage lender, but it looks like that's coming to an end. I wonder what else is out there for a former Marine infantryman that could sell a glass of water to a drowning man and shoot a tick off a dog's back at 500 yards? Whether Fannie and Freddie failed, or were taken over, we knew it would be the end of us...I just wish they would have let them fail. It's not American to throw money at a failed company. The best thing for the mortgage market, in the long run, would be to just let them go under. The amount of debt that these companies will add to the bucket will be hard for tax payers to stomach.
That sucks Salty. I know you are probably entrenched up there in NELA but a good salesman can do very well down here in the oilfiled service business. So they are already spending the money they'll save by quitting that pesky little Iraq thing?
sorry to hear about your job. i think the rescue sinks all the shareholders, and protects those who bought gnma and fnma bonds, which have carried protection from the govt. if the loan defaults and there is not enough equity to cover the loan balance, govt, makes up the difference. this will pull down the dollar some more.
If you can sell effectively, the world is your oyster, amigo. Salesman skills are not common and good salesmen can write their own ticket in a wide variety of fields. Me, I couldn't sell pu$$y on a troop train. It's a skill you have or you don't. Plus it's not a job easily outsourced overseas. I have a good friend who graduated in Russian literature, talk about a useless degree for finding work. On the other hand, he could sell you a turd wrapped in platinum and convince you its the best deal you ever made. He's now selling pacemakers to cardiologists and making about $200K. If you can sell, I ain't worried about your prospects.
Trying to save the country from a snowballing mortgage crisis is important, but we should not be bailing out the stockholders. They took an investment risk and they should have to bear their losses. Nobody is going to bail me out if John Deere, Apple, Corning, Exxon, or CLECO fail.
Totally agree. Folks who borrowed more than they could afford and didn't bother to read the mortgage details took bad risk, too. They don't deserve to be bailed out either. It's why it's called risk.
You should consider moving out of Louisiana, to maybe Texas or Florida if you want to stay in that industry, you could make a killing in South Florida or the Dallas area with your skills and experience. Just a suggestion, I hope you wont have to weigh the options and you keep your job.:thumb: Coporate socialism sucks doesnt it.
