To recap what I have been seeing in my industry for the past 4 months, read the article below. It's pretty bad people. The #1 mortgage lender in the nation tapped into an emergency line of credit over $1 Billion. People are losing their jobs in droves.........not a good time right now. Luckily for me I should be ok for at least another 6 months - hopefully 3 years. But aside from that, history will repeat itself and we will overcome these obstacles.
My only hope is that while I am a capitalist, I do believe corporations have an ethical responsibility to consumers and the economy as a whole to understand the ramifications of their actions in pursuit of wealth and prosperity. Too many lenders created too many sketchy loan products in the attempt to get people in a home so they could make thousands per borrower without truly caring about the impact it was going to play out in the near term. One of the things i hate about my industry is they do not care about consumers rights or their understanding and instead try to walk a tight rope too tight to walk. Foreclosure rankings came out yesterday that showed a 93% increase from July 2006 and a substantial increase from the following month as well.
If you are wondering where all these people will land? Go take a look at your local used car sales lot and you should get a glimpse...
The Sky is Falling....
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