Unfortunately, this is an all-too-common story. Most of my neighbors are in the same boat due to layoffs, downsizing, etc. My family is also going through this, but the only difference is my spouse quit a good job.

I feel you on that one. I took a job in the mortgage industry right out of college, in June of 2007. I viewed myself as Andy did, and never did a subprime loan, to be exact nothing but a 30 year fixed. However, I had to leave the indsutry after about 6 months because I found that i could not compete with the people who would be classified as preditory lendors. Luckily for me I was fresh out of college so I landed a job closer to what I had originally went to school for. Sad that people who were honest and in it to help people got sucked up into this mess.

I worked as a Mortgage Officer for 6 years, and clients told me time and time again how good I was at my job. Business has disappeared so I am looking for a new career. I have an MBA and spent years as a technology developer, yet even with a fairly good resume for a loan officer I have applied to hundreds of jobs and have yet to find one. I've been told by two senior level managers that they were biased against those in the mortgage industry and would not hire me simply based upon that fact. A quick note about subprime and ARM lending - I know of countless stories of Banks actively training external loan officers to aggressively sell their products after the banks created them. LO's should not be completely blamed for selling risky lending products specifically created by large banks to bring in clients. Sure, we in the industry should take our share of the blame, but I would doubt banking executives are being actively shunned by society the way loan officers currently are.

Yes, I've been there. I was laid off when my wife was 5 months pregnant back in 1994. I was devastated. I can imagine what he's facing because I've been there.

Sadly, no one will weep for me, because I work for "Big Oil." But remember, we're all just trying to make a living.

I feel your pain, as well. I was laid off from one of the big mortgage companies back in September. I was fortunate enough to find work quickly, but I know so many folks from my old company who are still looking. The really bad part is, the company is teetering on the bring of bankruptcy and many of them may get let go with no severance. I, at least, got a very generous separation package.

It's very tough. I'd be lying if I said I wasn't bitter. I'm all for capitalism, but ... the folks that ran my company really made a lot of questionable decisions, got rich in the process, ran like thieves, and left all the "little people" holding the bag. It's lousy.

Good luck to you, Andy.

I have been in the Mortgage Lending business as a mortgage banker for over 30 years with large companies like WAMU (18 years) Countrywide (2 years) and now with Bank of America. It is true that the management pushed ARMs and allowed us to produce subprime loans but we had the ability to sell the correct product to the clients and if they wanted the Option ARM we were suppose to council the client to the pros and cons of that product. ( I currently have two option ARMs on a couple of my rentals).
The problem is when the unregulated mortgage brokers got ahold of the products they abused the system and gouged the customer. The Banks that bought these loans fron these Mortgage Brokers allowed the increased fee and margins that know we are all paying for ! The wholesale areas of these banks were looking at volume not quality !
I am amazed that these ill informed hiring managers do not understand that the individuals that they are interviewing are most likely the best sale people they could find since this is a very competitive business.

I was a manager and originator for a mortgage bank in Owings Mills MD and was forced to short sell my home in Baltimore City in Feb after my income all but disapeared. Like you, I took pride in offering fixed rate, competitive loans to qualififed borrowers. I mistakenly thought that I could never be tagged with the same "scarlet letter" of those subprime wheeler dealers. After all, I worked for a FDIC federal savings bank. Boy was I wrong. I learned quickly that all those joker senior executives, Wall Street gurus, federal regulators, and lawmaking politicians were just living in a dream world.I am the idiot that followed them. The blame falls on subprime and prime lenders alike. I know their were tons of Fannie Mae and Freddie Mac loans out there that got approved that probaly shouldn't have. I am sure you wrote some of those loans too thinking, like me, that they were good. We were the fools to believe that the geniuses who wrote these underwriting software engines knew what they were doing. THEY DID NOT. And now you see them tighteing up guidelines to where they should have been this whole time.
Sure, there were some shady, slimy, greasey loan brokers who hid the truth from unsuspecting borrowers. But there were also greedy, selfish lenders like countrywide that turned a blind eye. They approved these loans that aren't performing. Sorry "wmscot", I know you meant well in your post - but stop kidding yourself. Take some blame like the rest of us or stand to lose even more credibility.
I have had a similar response when applying for jobs and I also have a young daughter and wife depending on me. All savings is depleted and I am sweating over my day to day expenses.
I am cheering for you and the other good guys out there! Keep your head up!

Why are ALOT of CNN Reporter Drew Giffith's Investigative Reports always negative against African Americans????????

The biggest banks failing, our largest industries dead and dying. Wake up America! This is the beginning of a global financial-confidence pandemic. Our federal government is in debt and borrowing against our children's futures. SSI is bankrupt, and the new workforce (correct me if I'm wrong) does not seem that motivated. Our state (California) is about 10B in the hole and still passing those bond initiatives like we were flush. Eventually, the federal government will start printing money to make up for the money they don't have. That will signal other countries to devalue our money. Investment will really start to dry up. More businesses will fail, farms will go under, and people will take to the streets.

In Florida and Georgia gun shops are sold out of short barrel shotguns. And that's not because turkey season is comin. People are nervous, and the band plays on. Forget party affiliations, they only pit people against each other. George Bush has fiddled while America spent all the rent money. Obama is still playing the anti-step-n-fetch-it fiddle, tryin to empower a group of people who cannot pass an elementary school civics test. So, you see the collision course. No one man can save us. But, the old song, "The Revolution Will Not Be Televised" is startin' to look like a reality. Remember once food and natural resources get scarce, people stop relying on government and start taking things into their own hands.
Keep your powder dry folks, this revolution is gonna be "up close and personal" just like he Civill War. .....wait a minute....it may be a lot like the Civil War!

Later,
Sisao Tresed

hello don watch your program everyday, but if we bail out again the wall street dudes automakers what are we going to get out of it lower priced cars maybe or a guarentee that we will get the credit to buy they cars.

Would you give a knife to a surgeon if he was not qualified (never attended Med. School)
Surgery is a sophisticated matter and you need to have an intense understanding of the subject to perform it. A knife in the hands is a very powerful thing. In the right hands it can do amazing wonders, and in the wrong hands it can do devastating harm.

So to, a mortgage is a very powerful instrument. It allows a person to acquire an asset which they cannot afford to pay for outright, and pay for it over a period of time based on a number of factors.

As with any powerful instrument it should ONLY be given to the qualified. If you give out an M.D. degree to 'just anybody' regardless of whether or not they attended Med. school then you will be the cause of a lot of medical problems, not to mention simply making all M.D. degrees worthless and thereby causing the population to create another qualifying indicator to determine if one is qualified.

In the financial world, the 'university of credit history' is the main school of choice, and based on your performance there you will graduate with a GPA (credit score) of between 500 and 850. If you attend class regularly and are responsible with your finances then you will graduate with a good score (700+). If you are a very poor student who can't even show proficiency in the most rudimentary of subjects (paying your bills) then you will graduate with a very poor score (-600).

The government forcing banks to give out mortgages to unqualified individuals (community reinvestment act) is similar to forcing a medical school to just hand out degrees on the street corner to anyone who walks by. A lot of loan payments will not be made and a lot of diseases will be created.

Sub prime mortgage mess. The above is the long and short of what happened, and now the government is looking wide eyed in disbelief 'why didn't these people pay their mortgages I just don't understand?' no kidding Sherlock. We now need new qualifiers to see if someone 'makes the cut'. Thanks for making it harder for the 'pretty good guy' (middle class) to get a loan.

"Made in the U.S.A."

Whatever happened to that thought? As the Japanese markets fall into a recession the wake up call should now be sounded to all Americans. Why? The Japanese markets have fallen, others will follow, because Americans aren't buying. We have closed our wallets to everything. Everything that is built here, there and everywhere. We are only spending on basic necessities. Yet, we are also still the most powerful spending consumer group on the planet.

Now remember that we the American taxpayers have just allowed a $700 billion bailout to large corporations to "save" our economy. Our money, our taxes will be going to these companies. How can we help? How can we make sure this plan works? How can we truly help save our economy in a productive manner that isn't hard to do and we can start right now? The answer is BUY AMERICAN. Buy American made products at our grocery stores. Buy American made computers, cars, cigarettes, and clothes, anything. BUY AMERICAN.

By buying American products it keep jobs and creates jobs in the United States. Buying these products keep American dollars here. Buying these products support the companies we are "bailing out". It gives immediate cash to companies based in the United States. Cash from the American consumer. The most powerful consumer group on the globe.

Help invest in America buy something Made in the U.S.A.

Some years ago my local power company (who at the time built a power plant that ran over 300% over projected cost) requested from the Pa. PUC a large rate increase. Now, i had numerous friends who had worked ans sometimes managed the power plant project. i was totally aware of incredible theft of tools ,materials, plus horrible productivity and cost overruns--all union-related.
The end result???--
The rate-paying public was being asked to pay for the abismal, corrupt management of the plant construction. The Power Company (Phil. Electric Co.) has the gaul to ask for an over 8% rate increase, where a 2.5% increase was all that was needed to cover true inflationary forces--
Someone wrote a simple letter, sincere and indisputable, that caught on fire and ended up being distributed to countless power customers. The letter had one simple point--" IF WE ENABLE THE PENNSYLVANIA UTILITY COMMISSION TO APPROVE THE OVER 8% INCREASE, WE ARE CONDONING (APPROVING) OF THE MANAGEMENT OVERSITE OF THE ENTIRE PECO STRUCTURE, INCLUDING THE POWER PLANT COSTS. PLUS, IN THE FUTURE, THEY WILL COME BACK THE THE HOG TROUGH FOR MORE, AND THEY WILL NEVER BE FORCED TO RUN THEIR COMPANY AS AN EFFICIENT BUSINESS.
SOUND FAMILIAR ???

Oh, by the way, the request was denied, the rate was increase by approx. 3%, PECO went thru a major restructiong, hired (for once) outside managers with true management skills, and today, under a different name, is a much better company.
Note##when the request for higher rates was proposed, PECO rates were the 3rd highest in the nation. I wonder how all those elderly on fixed incomes were going to pay for all the free tools and materials.

This is just an idea on one way to help alleviate some of the economic crisis. Here is the idea, every home mortgage, car loan, and credit card held by one of the 31 banks that we as tax payers bailed out should have the interest rates cut. Home mortgage rates should be cut at least 2 percentage points. My point is that we as taxpayers now own most of these loans, the interest that is being paid on these loans is being paid to the banks the same banks that are not giving new loans or refinancing the bad loans that they issued to begin with. So why don't we cut these interests rates, put more money back into the tax payers (Consumers) hands, and help stimulate the economy by putting money back into the consumers pocket. Why ask for another stimulus package or bailout and keep taxing us the (TAXPAYER/CONSUMER) with interest ON THE DEBT THAT WE OWN. Here is one way to look at it there are about 50 million+ mortgages out there and the average mortgage is about $246,000 Dollars if we dropped the interest rate by two points this would save on average the mortgage holder** $300 per month. Now take that**$300 dollars multiply it by 50 million (amount of home loans) that works out to $15 Billion Dollars per month that could be put back into the economy, now take that one step further and multiply that by twelve months that's $180 Billion dollars per year. Not convinced well look at the other side, think about this the average house is valued at $246,000 dollar the home owner can't afford to pay the mortgage, so the house goes into foreclosure which cost the bank money to do all the paper work. Then that same house gets auctioned off for $100,000 dollars. Well there is a $146,000 dollar loss, do you think that same person that now owes the bank $146,000 dollars is going to be able to pay it? No. But if you lower his or her interest rate help those to stay in that house and make the bills that is a little less strain on the banking system, and perhaps a little money into the economy. Now add in the car interest and the credit card interest that could be handled the same way. That would put a lot more money back where it is truly needed back in the pockets of Americans.

When I was layed off April 2008 after having being told there would be no raises that year and massive layoffs would follow I learned that the company headed by Bill Foley had just purchased new jets rumor was there were 8 of them.

Bill Foley also purchased a mountain top in Montana next to one of his homes, he felt the logging company was getting to close to one of his mansions.

Bill Foley is/was the #4 paid exec in the Fortune 500.

This is the type of Executive that has abused his employees working us under salary for years 60 to over 80 hour work weeks but yet fires good employees so he can buy new jets and a mountain top.

This is what is wrong with companies today, they want loyalty from employees but could care less how they affect their lives with their decisions.

His original company was FNF owned Chicago Title, Ticor etc then spun off to LPS and FIS

Ron

hi oll this is mimmo ferrara there is months that i'm asking myself how we can do to help our contry? the only
ing that i and not only me,we can do its a lot .
if governament need help, what they can do ita open a checking accaunt wheare oll citizen and noncitizen can deposit o donate $1 per person or more depends their situation therea' millions of dollars thet you get; in a months ,without tiuching any fonds from other things thet the citizen need .see we can do a lot, even that i los my job four months ago,so i can do a littel sacrifice to help my adopted counrty so we can lite up the flame of the america dream

sincerely mimmo

Time to wake up and get rid of union.They make you go on strike for higher wages that most factory cant aford so they close down and move oversea.The union as ruin all jobs and send them all oversea because of greed for more money.You can only pay so much wages if you want to sell your product but the union only cares about money for themself and dont cares about people in general as long as they make money they done care if the plant closed down or not
Royal Miette

This essay could be considered a journalistic view into the mind of one concerned American citizen in regards to the recent fall of some of our country's biggest financial institutions, as well as the already infamous Big3Bailout 2008 .As I sit in my cozy living room and watch the clusterfuck unfold in HD on Larry King Live and the O'Reily Factor , as all of the experts weighed in there opinions, I realized there was an element missing from the debate. It continued to elude me until I sat down to eat a late dinner. While I listened to Keith Olberman's nightly rant , it suddenly struck me what influencial figures input had being ommited or simply non-exsistent. In all of the crisis , a true hero's voice seemed to have faded in the shadows.
Where is joe the plumber?
This great perpetuator of free Market economy and freedom has simply disappeared. Where is the guidance of this champion for the ideals of American democralism when you need it?
In retrospect it seems that Joe really was onto something. As President-Elect Barrack Obama , assembles his all-star powerhouse supernewchangeishere task force of trusted appointees , the wheels of the spread-the-wealth economy crisis wagon ride have already been set in motion, and the whole democratic party is hitchin a ride.
But how does the John Everyman of this country feel about his taxdollars, money that he ethier provided a service ,or sold a good to earn and then contributed to the government in good faith that his money would be put to good use, going to failed industries and ailing financial institutions.
Proponents to the bailout would say that it is critical for these corporations to be provided with aid funds , in order for the economy to stay afloat. The media is saturated with pronounced whispers of a neo-depression greater than all the great depressions before it. They urge that legislative action is necessary now , but at the same time say it must be explicitly calculated and there may be no quick fix or even a timely repair.
So how do the opponents to this rescue operation feel? What is the standing behind their perspective. Well its not hard to find. The GOP as a whole seems adamantly against these actions.
But you may ask, what is the sentiments of the governed. The sole bearer of the decision making power in a democracy. You know the motto "AMERICA:OF THE PEOPLE BY THE PEOPLE FOR THE PEOPLE". So what is the opinion of the electorate on the bailout fiasco. Well since we have a representative democracy the decisions of our policy makers would naturally reflect the sentiments of their constituents. THINK AGAIN. The only mainstream means of analyzing public morale, the polls, shows a substaintal contradiction to the definition or even general concept of a democracy.
An outstanding majority America does not support the bailout decisions being made. And why should they ? Joe the plumbers hard earned cash is now paying for a corporations lack of responsibility in there business and market research. At the same time his , company is going into the ground , simply because he cant afford to run it . How can we allow something so strongly opposed by the American electorate to continue. Even with the historic election of our country's first black president, does the future still appear dismay.
Never has a more blatant example of the core ideals of socialism , been implemented than in the past month. As we approach inauguration day , and faint cries for health care and jobs fall on deaf ears, the eulogy of capitalism will ring through the big 3 bailout plan , as it resonates down into every major corporation facing imminent financial woe. The message is clear , "help is on the way guys, we know you haven't made the best business descisions, but we can overlook that.So you did a little frivolous spending, we forgive you. We couldn't be there for the victims and refugees of hurricane Katrina, and we don't have the means to provide care for those 9/11 rescue workers , that so desprately need it to breath, but we can't allow you to go under. And sure our schools need new computers , and our bridges are falling into the river , and people cant afford to live in their houses, but that cant be helped now, and anyway, you need it more.In short , we got ya back homey."
There are some conditions to this federal grant of sorts. Upon receiving the money, the companies must release a better plan for managing their business. Part of that plan includes, as most revised plans do , trimming the fat. So even with all that generous government cheese to prevent massive job loss and widespread panic , and the apocalypse; many unfortunate , hardworking, bluecollar joes, will be out of work.
Now the details of this operation can't be explained in laymans terms. But that is of course why we elect all these wise , intelligible public officials. And they assure me that you really wouldn't want to hear the truth from them because it just might make you head spin. Call me crazy , but times like these really could make a person question if the person they enstilled their faith , and their vote in, really has their best interests at heart……
There is a bright side to the way things appear to be headed. Maybe some real job growth could come out of this whole experience. After all, someone's going to have to clean up all the bullshit that piling up on capital hill.
Just food for thought.
God is love.Love is god.

Revolutionary thoughts from the mind of a concerned citizen.
Pardon the grammar.

Al Salam Aleikom Wa Rahmatu allah wa barrakatu
,
the thing is you need to start praying to god every day five times and hopefully become muslims all of you inshaa allah , the thing with morgage rates you have to be sure you can aford the house you are buying and then get a fixed morgage rate so you know exactly how much its gonna be cause then you wont be hit with a sudden very high morgage you cant afford , may you be with god and believe in the angels and be ready for judment day 20012,
al salam aleikom wa rahmatu allah ,
Omar
From Alii of the Nabi Sala allah aleihi wa salam,
may god bless you and give his forgiveness and grant you his gifts on earth and in heaven on judment day and or death and save you from the sufferings of hell ,
Al Salam aleikom wa rahmatu allah wa barrakatu

I am part owner of a small IT Consulting firm based out of Pittsburgh, PA. Our revenue has increased 50% in the last 3 months. We develop BI systems that help companies determine areas where downsizing makes sense. In other words our applications help determine who to lay off. I am thrilled that the economy has tanked. Not only are gas prices down but stores are cutting prices on everything. My money goes further in recession and I hope it lasts a few years.

The best think for America to do now: The fact is we owe China for all the loans we buy everything from China our roads are owned by UAE and other countries. All Americans that have lost their jobs, homes and automobiles there is really no why we can recover. With people that have bad credit they will never get a job, house and automobile. Are Government needs to face it and but the US up for sale to the highest bidder and let China and/ or the Middle East buy us.

The best thing for America to do now: The fact is we owe China for all the loans we buy everything from China our roads are owned by UAE and other countries. All Americans that have lost their jobs, homes and automobiles, there is really no why we can recover. With people that have bad credit they will never get a job, house and automobile. Are Government needs to face it and put the US up for sale to the highest bidder and let China and/or the Middle East buy us.

Title: Financial coup d'état

We all know this did not happen over night, but when did the government turn a blind eye to the inevitable take over of the future of America. In my era interest rates of 24 -50% is called loan sharking. I am sure the Financial Institutions hire Master degree graduates to think up ways to ensnare everyday people into their traps. For us our downfall began with Bank of America sending us what was to be a "0" interest offer. We moved over some substantial bills to this offer, and when the first bill arrived I nearly had a heart attack. The $900. payment had $800. in interest! We would have been ruined except we took out a loan from our retirement to pay them off. We have had a bad year with my husband's shattering his elbow and then I was laid off in August. Even in the worst of times I pay our bills on time and pay more than the required, yet the card companies have found some bogus way to jack up the rates to make it impossible to make ends meet on disability and unemployment. I have since cancelled the cards or they have cancelled them on me. Yet when we play by the rules they make up new ones and then don't tell you what the rules are. We do not have to worry about international terrorists, we have the financial community tearing the guts out of America. No matter how low the rates go, or how much money the Federal Reserve lends the banks, it sure is not getting to the rest of us. This will eventually come back to bite them since we choose now NOT to use cards, do not buy and this will further send the recovery into a tailspin. The Financial Institution's greed created these creative loans to ensnare us, then when they have sucked the life out of us, they lobby and have the senate sell our children's future's to make us pay through tax dollar bailout. We will go back to cash and carry, or go without. To hell with the cards and offers and the banks. Put back the restrictions on the Financial Institutions for they are not to be trusted, they are the new terrorists!!

chitowngal123

My Moroccoan boss and I had a dicussion about American wages years ago. He thought we Americans were spoiled with so much money. Ha! We Americans pay heafty insurances, car, mortgage and especially health. In every area but maybe the cities, you need a car to get to work. Then don't forget gas and heating prices. Also taxes for schools, roads and our court system. What many people do not realize is in order to have a good economy and deceit place to live you need to make a certain amount to keep the whole thing going. Without taxes for our legal system we might as well live in Mexico with thousands dying and drug cartels running our country. Or maybe China with babies being poisoned from lack of food regulations. Ten years later he understands my point. I'm tired of our money and jobs going overseas to support countries who don't seem to give a damn about there own people or enviorment. And then in turn sell us a bunch of junky kid toys or cheaply made clothes, so Wal-mart and big executives can make their million dollar bonus. Have big executives really added enough value to our economy to deserve million dollar bonuses. America use to make stuff and good stuff at good wages (I had a pair of Dexter boots last 6 years they were worth spending more for). I'm tired of hearing a manufacturing job is not rocket science so there fore they don't deserve deceit pay. Does this mean only rocket scientist get paid well? Even rocket scientist need shoes. Everyone plays a small part in a very complicated economy. Jobs here, means taxes here, guality drinking water here, no hazardous clemicals here and a well educated democracy here.

dobrecht

all people are screw for the "Grinch"who stole our crishmas(Mr Buch)and only rescue the family thiefs(bankers and cars CEO)so is very hard to say merry Crishmas but anyway the same for every body and happy new Year(if the economic sudvive)

I am a firm believer in stimulating the economy from the bottom up. Unfortunitely this will vnever happen. One reason is the amount of shares in the OIL Giants. One such person told me that he hopes it keeps going up his profit increases and it pays his gas for 4 Lexus. Question Mr. President do you know how many shares in the oil giants and will yoyu sell them off back to the oil giants.

Fron the bottom up this is the only way to stimulate the economy is by giving the consumer more money in their pockets and a sense of confidence that allows the consumer to release the purse strings a little.

Mr. President as a Canadian we are interested in the manner in which you handle your economy. Canada is you greatest trading partner. You have given USA a sense of confidence that has been lacking for some years. However I refrain fron bashing President Bush, as I am not privy to all the facts. Bush had to rely on information given to him and as President and with the 9/11 still fresh in our mninds there was very few options. President Bush had it extremely hard right from the word go. I am sure when the veil of secrecy surrounding the decision will be released in 30 years or so.

Gerry Kelleher
Canada Communication Strategy