MortgageBrokerPANIC

[EconE]

2 parts.

[jillayne]

VERY interesting.
He's saying he's been in business for 10 years and he can't get a business loan to stay afloat; that bankers are telling him they won't make any loans right now to anyone who works on commission as a loan originator or as a Realtor.

Then he goes on to say that he never "done wrong by anyone."

I continue to be fascinated by loan originators who keep shrugging their shoulders and saying, "Well, I'VE never been part of the subprime problem" as if that's going to magically solve anything.

They don't want to step out of denial and see that it's the entire mortgage brokerage industry that is going to take the smackdown nationwide, no matter if the broker/LO was a goody two shoes or not. Barney Frank is going to get a whopper of a federal law passed before the mortgage brokers know what hit them.

I can't wait for part three. Perhaps he will threaten to sell one of his children into prostitution for money. He doesn't seem like the sort of person who would have the courage to inflict self-harm. Please keep us posted if you see a part three, EconE.

[EconE]

[jillayne]

He wants to save his family from the ultimate thing that he doesn't want to do.

I wonder what that is?

It's interesting that he's looking for compassion from the wholesale lenders. Here are some quotes:

"why aren't they (wholesale lenders) checking up on us? Don't the lenders care about us?"

"Why isn't there a national fund for 100% commissioned mortgage professionals to help us out now?"

"Why aren't CEOs of wholesale lenders doing something to keep mortgage brokers in business? We're the one's feeding your system."

Toward the end of part three, he said he has had to go without food and sell things to make ends meet, and that he had 6 months worth of emergency savings that he started spending in FEBRUARY, and now it's all gone.

He also says that with the next installment, he's going to take us on a tour of his house so we can see all the personal things he's had to sell to make ends meet.

[synthetik]

He needs to get a freakin' job and quit whining.

Everyone in America wants a handout it seems. And why not? You make a bunch of risky bets and lose, the gov't bails you out.