joko
Crazy Mango
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Post by joko on Feb 25, 2017 18:59:09 GMT 7
Sub-prime mortgage loan officer in California, right then in 2007-2008 when the whole thing started to fall apart and almost brought the world's economy with it. When I started, the worst part was customers telling me 'no'. As the industry collapsed, subprime loans became a lot harder to get, and the worst part was telling customers "no". I remember the phone call that made me decide to leave (the office was shut down anyways a month later). A guy was in a subprime loan and it was about to have its first adjustment. His payment was about to go up $1000/mo. His credit score still wasn't very good, and so he was still in subprime loan land. I managed to put together a new loan that would keep his payment about where it was, but it was going to cost him $20,000 in points and fees. He had just that amount of equity in the home to make that happen. He really had no other choice and I was blunt with him on that fact.
"Oh," he replied flatly "I've got another choice."
"Really?" I asked.
"Yeah. I can put a gun in my mouth and pull the trigger. I got that choice!"
I think I said something like how he didn't want to do that, maybe assuring him the housing market would eventually recover. I don't remember. But that kinda pulled the trigger on my mortgage career.
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Deleted
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Post by Deleted on Feb 25, 2017 19:18:23 GMT 7
Sub-prime mortgage loan officer in California, right then in 2007-2008 when the whole thing started to fall apart and almost brought the world's economy with it. When I started, the worst part was customers telling me 'no'. As the industry collapsed, subprime loans became a lot harder to get, and the worst part was telling customers "no". I remember the phone call that made me decide to leave (the office was shut down anyways a month later). A guy was in a subprime loan and it was about to have its first adjustment. His payment was about to go up $1000/mo. His credit score still wasn't very good, and so he was still in subprime loan land. I managed to put together a new loan that would keep his payment about where it was, but it was going to cost him $20,000 in points and fees. He had just that amount of equity in the home to make that happen. He really had no other choice and I was blunt with him on that fact. "Oh," he replied flatly "I've got another choice." "Really?" I asked. "Yeah. I can put a gun in my mouth and pull the trigger. I got that choice!" I think I said something like how he didn't want to do that, maybe assuring him the housing market would eventually recover. I don't remember. But that kinda pulled the trigger on my mortgage career. Harsh reality but should he have hocked himself to the eyeballs?. Similar was happening in Australia at the same time. Mortgage brokers on every 2nd corner , jigging your financials to get whatever amount you wanted. Whole thing came crashing down a couple years later. |
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joko
Crazy Mango
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Post by joko on Feb 25, 2017 21:42:26 GMT 7
Just to be clear, I never jiggled any financials, even though the sources of my referrals pressured me to do so.
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Deleted
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Post by Deleted on Feb 26, 2017 4:59:30 GMT 7
Joko is possibly on the run in Burma
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me
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Post by me on Feb 26, 2017 9:33:42 GMT 7
 rubl one day I'll annoy you so much you will HAVE to meet me...if only to give me a punch on the nose! physical violence is a sign of verbal incompetence, wee laddy  The verbal incompetence to talk yourself out of getting hit? |
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rubl
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The wondering type
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Post by rubl on Feb 26, 2017 11:09:27 GMT 7
physical violence is a sign of verbal incompetence, wee laddy The verbal incompetence to talk yourself out of getting hit? Some you just have to shoot before it get's to punches. In some pubs it might also do to offer some there a tenner for doing the punching for you. A bit cowardly but highly effective  |
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Post by Soutpeel on Feb 26, 2017 13:37:42 GMT 7
Sub-prime mortgage loan officer in California, right then in 2007-2008 when the whole thing started to fall apart and almost brought the world's economy with it. When I started, the worst part was customers telling me 'no'. As the industry collapsed, subprime loans became a lot harder to get, and the worst part was telling customers "no". I remember the phone call that made me decide to leave (the office was shut down anyways a month later). A guy was in a subprime loan and it was about to have its first adjustment. His payment was about to go up $1000/mo. His credit score still wasn't very good, and so he was still in subprime loan land. I managed to put together a new loan that would keep his payment about where it was, but it was going to cost him $20,000 in points and fees. He had just that amount of equity in the home to make that happen. He really had no other choice and I was blunt with him on that fact. "Oh," he replied flatly "I've got another choice." "Really?" I asked. "Yeah. I can put a gun in my mouth and pull the trigger. I got that choice!" I think I said something like how he didn't want to do that, maybe assuring him the housing market would eventually recover. I don't remember. But that kinda pulled the trigger on my mortgage career. Harsh reality but should he have hocked himself to the eyeballs?. Similar was happening in Australia at the same time. Mortgage brokers on every 2nd corner , jigging your financials to get whatever amount you wanted. Whole thing came crashing down a couple years later. From what i hear from Aussie mates of mine the whole country is going to financially implode in the next few years |
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Deleted
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Post by Deleted on Feb 26, 2017 14:08:44 GMT 7
Harsh reality but should he have hocked himself to the eyeballs?. Similar was happening in Australia at the same time. Mortgage brokers on every 2nd corner , jigging your financials to get whatever amount you wanted. Whole thing came crashing down a couple years later. From what i hear from Aussie mates of mine the whole country is going to financially implode in the next few years Not sure where they're living mate but I'm about to buy 2 more houses here both positive geared for rental market. Some states are doing better than others , but that's normal in any country . As for work I'm flat out but if I moved to Queensland, I'd be booked solid for the next 10 years with the amount of construction there. The average tradesman in Queensland is well well over 100k with guys earning 4 to 5 grand a week not uncommon. In the little city I live in now , nearing completion is a building that last year was the most expensive project going in the world. Maybe I'm missing something but Australia seems to be doing fine. Jobs everywhere. |
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joko
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Post by joko on Feb 26, 2017 22:42:50 GMT 7
Joko is possibly on the run in Burma Well, or course. But not for anything I ever did at work. |
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Deleted
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Post by Deleted on Feb 27, 2017 13:58:58 GMT 7
Joko is possibly on the run in Burma Well, or course. But not for anything I ever did at work. I'd put you up for a couple nights joko. Unless you're a religious (of any type) fanatic. |
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Post by Soutpeel on Feb 27, 2017 14:16:23 GMT 7
Well, or course. But not for anything I ever did at work. I'd put you up for a couple nights joko. Unless you're a religious (of any type) fanatic. I would be asking how Joko reserves a table at a Bangkok food court before offering him a place to kip....any mention of umbrellas....run Forrest run |
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smokie36
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Post by smokie36 on Feb 27, 2017 14:16:54 GMT 7
I'm hoping for a p**sup with him and Seb soon.
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joko
Crazy Mango
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Post by joko on Feb 27, 2017 15:14:25 GMT 7
Is Seb still around? With my recent meanderings through Mandalay, I expected him to chime in at some point.
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rubl one day I'll annoy you so much you will HAVE to meet me...if only to give me a punch on the nose!
