BINGO!
Posted on 03/31/2008 8:19:59 AM PDT by TigerLikesRooster
Careers vanish after subprime 'free fall'
Kent and Mysti Cope were well-paid executives at subprime lenders who never thought the industry could disappear overnight. Now they're just trying to get by.
By Chris Isidore, CNNMoney.com senior writer
March 31, 2008: 5:30 AM EDT
SAN CLEMENTE, Calif. (CNNMoney.com) -- Kent and Mysti Cope met and fell in love working for one of the nation's top subprime lenders. Now, their life has been turned upside down after the sudden implosion of the subprime mortgage industry.
Mysti was one of the last people out the door at New Century Financial, once the nation's No. 2 subprime lender. She had been in charge of e-commerce customer service with dozens of employees reporting to her.It was at New Century where the Copes met in 2000.
Kent worked for several of the firms that helped give birth to the industry, which specializes in making loans to people with less-than-perfect credit, in the 1990s. He has been out of work since August when he was laid off by Friedman, Billings, Ramsey Group (FBR) unit First NLC Financial Services.
"We're still both in shock that it could go from something so good to so bad so quick," said Kent, 59. "New Century in 60 days went from top of the heap to out of business."
(Excerpt) Read more at money.cnn.com ...
yeah and I loved the part where the guy sold his benz for gas guzzlin’ suburban...from the frying pan into the fire...there are a lot of clueless Americans about to get “right sized” Mysti and her new man will soon be livin in a double wide and asking how bout supersizin that order ma’am
These now unemployed who worked in the subprime industry remind me of when the dot com crash happened and you had web developers who where whining because they had been making 200K as a web developer and expected that to continue.
I remember back in 2000 when people I worked with were margining their stock options to buy homes and luxury cars.
Then the stock options worth millions on paper quickly became worthless and they went into financial ruin.
BINGO!
What’s an 8 pack?
Not a chance. Mysti will dump him for some other old geezer with money before it gets that bad.
Mysti better get started quick. Her shelf-life as OC trophy wife is about expired. And to make matters worse for her, there is a whole new set of younger and firmer ones entering the OC wife market every year + factor in all the other gold diggers currently in divorce because their sugga daddies worked in Subprime.
Mysti is about to get a lesson in supply and demand and mark to market herself.
Dude, you're harshing my buzz!!
They ought to put a bounty on them in south county.
she’s not hot...
NEW YORK (AP) -- The U.S. financial industry has been shedding jobs at a record clip, and some analysts predict the pace will only accelerate over the next year-and-a-half as banks cut costs in the face of the housing market slump and the weak economy.
Analysts at the financial research firm Celent LLC said in a report Tuesday that it expects the U.S. commercial banking industry -- essentially, all companies that lend or collect deposits -- to lose 200,000 of its 2 million jobs over the next 12 to 18 months.
...The banking industry is not the only one shedding jobs recently. Manufacturing and construction companies have been laying off workers for a couple years now amid the flagging housing market and weak automotive industry.
Map wouldn’t display over satellite, but the statistics window popped up and it’s grim. Half of mortgages in VA have a late payment in the last 12 months, 25% low or no doc, 8% are 90 days past due, 65% are ARMs (that one is unbelievable). People are morons here, think they are entitled to a brand new tract mansion on their gov contracting gig.
There are a lot of independent contractors in my county, most were depending on home construction and home improvement the last couple of years. There’s been no money coming in since around the summer. Most have lurched along selling equipment and taking personal loans. I’m sure some have run up their credit cards. A lot of them expected to ride it out that way, but are now realizing that this isn’t just a short blip.
OMG.
And that’s just in VA.
No, it isn’t sadly. I also keep reading about numerous home improvement businesses (single owner) going out of business, too. There’s no money to fix up homes. Sad situation.
Yep I saw that somewhere today...LOL
Can’t remember where though
hehehe
I have an idea- all those unemployed bankers can replace the Mexicans who went back home now that construction has taken a dump. They can live in the houses that Bank of America financed to the illegals, now surely abandoned, since the ‘owners’ are now living high in Cabo.
Hey...great idea! Maybe they can mow the lawns and pick the lettuce....costs are going up despite the illegals getting paid under the table in all areas....so...I don’t see the “benefit” of keeping the illegals here for the “jobs that Americans won’t do”.....the “ex-bankers” can now do it.
: )
I think Kent got one of those "Participant" trophies they give kids now a days for just showing up. Blah.
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