``This crisis is much worse than 2001 and we don't know how long it's going to last,'' said Jo Bennett, a partner at executive search firm Battalia Winston International in New York. Job cuts ``could be more than 100,000 in a few years.' Some firms haven't fully disclosed their job cuts because they don't want to appear financially weak, according to Battalia Winston's Bennett. ``They're all dribbling people out the door, so the numbers don't show the true extent of the problem yet,'' said Bennett." http://www.bloomberg.com/apps/news?pid=20601087&sid=aTARUhP3w5xE&refer=home
Makes sense. I suspect the entire mortgage brokering industry will dissappear (they will go the way of travel agents who were obsoleted because of online airline ticketing) as lenders will no longer want to outsource the most important part of their business to strangers.
You have no idea how wrong you are. The mortgage brokering industry is actually one of the few segments of the Real Estate industry that is booming due to a flood of homeowners looking to refinance thanks to interest rates dropping and ARMs resetting. There are also very few mortgage brokers on Wall Street. It seems like these cuts will affect everyone.
you might want to check mortgage rated before you post. They were rising but began to fall recently thanks to Bernankism. I Believe a 15 year mortgage now averaged just above 5%, which is historically relativly low. The only mortgage rates still rising are jumbo loans.
A huge # something like 60 to 75 % of people who were able to qualify under the loose goosy requirements of 01/07 years are having hard time refinancing under the new 08 more stringent requirements + now in this declining housing market their homes will never get the same appraisal as past years so they would need to come up with the gaps, try telling that to someone who just last year bought a home with no $ down..
I'll sell One thing the Japanese found out in the 80s, you can't take Rockefeller Center home with you. Alot of their conquests are now reverting back to U.S. ownership at a discount. Thanks for holding that property and keeping up on the maintenance! See you on the next cycle!