FYI The house just passed this bill TODAY. Who needs wall street subprime programs when you have gov. backed subprime loan programs (otherwise called FHA). It doesnt look like monopoly money to me. http://www.marketwatch.com/news/sto...F8-6937-4ABB-BE4D-91DFE996EDBC}&dist=hplatest By the way this bill has provisions making it EASIER for the mom and pop mortgage companies to access FHA programs...... "Lawmakers also passed an amendment to the bill offered by Frank that would raise the agency's loan limit from its current $417,000 to as much as $729,750. "Such an increase would ensure that FHA is a viable option for borrowers who have payment option and interest-only adjustable rate mortgages (ARMs), which will be resetting in the next few years," said Stanford Group Company analyst Jaret Seiberg. However, the Bush administration has registered opposition to that and other key parts of the House bill. "The program should remain targeted to traditionally underserved homebuyers, such as low- and moderate-income families," the White House said in a statement on Monday. The National Association of Mortgage Brokers supported the amendment raising the loan limit. "Because FHA has been driven from those parts of the country where consumers are most in need of affordable financing, such as California, millions of borrowers have been forced to turn to high-cost financing and other non-traditional loan products," wrote NAMB President George Hanzimanolis, in a letter to lawmakers. The bill eliminates down payment requirements on FHA loans. The requirement is currently 3%."
Hey Hydro, it looks like Federal Gov. is neck deep in the kerosene lamp business with 3 models to choose from FHA, Fannie Mae, and Freddie Mac. With the passing of this bill FHA now allows for the no money down kerosene lamp............ lol.
Are you trying to convince me or yourself. Nah, must be me, cause it's not like you have any financial bias. I saw enough webpages of closed down lenders who will not take ANY applications, even from truly qualified buyers. But I think their staff is still employed, uh-huh. Just common sense, let alone I know people who are (or at least used to be) in that industry. The printing presses being revved up is no surprise, it's going to be smoothed over as much as possible, but the Golden Age of the mortgage broker is long gone. It's not the job it used to be.
can someone please give me some input on my last post which gave a job description, is it back office and have you heard of the company?
It's back office, however, since you said you know someone there, I would suggest that you do your own research. Back office at a smaller fund will have you work close with the trading personnel. Hence it is quite possible to move up to a true trading position. The decisions are made a lot easier You basically have to find out the level of bureaucracy at the place. For example, back-office at any big name firm means complete dead end and minimal chance of transitioning into a true trading position. But at a hedge fund where the staff is smaller and work close with each other, it's very possible and probably common.
Midas - i have read many of your threads and appreciate your insight into both the mortgage business and prop trading. Will pm you for advice. Peace Birdman
Here's an equity trader postion I came across, please comment on the position and company... http://jobview.monster.com/getjob.a...26+23:39:40&WT.mns_pth=1002?WT.mc_n=MKT000137
"NO software or desk fees" - yeah - this is a glorified prop firm at best... no legit investment management firm would have that there. Look - you are qualified for backoffice. And only backoffice, at this point. Front office positions aren't easy to come by at age 21 when most people get out of college. It's even worse at 27. Your peers on average have worked at least 3-4 years and probably have an MA or MBA. They've either traded for investment banks or analyzed for buy-side firms. They are at least associate grade, if not vp. And the folks who started in backoffice when they were 21: probably around 20% of them have sinced moved into middle office, of which 5% might have moved into junior front office. Finally, backoffice doesn not "write [its] own ticket", except maybe in the most literal sense - writing the trade ticket into the accounting system. Don't like this? Go do something else in life. You'll probably like it better.