Comments on: Morgan Stanley Lays Off in Mortgage-Related Divisions

By: MALO

MALO — Sat, 24 Nov 2007 20:18:44 +0000

First NLC has an open house the last week in Nov to hire new LO’s for their MA and RI offices. Does anyone know the stability of the company at this point?

By: Bear Stearns cuts 300 mortgage related jobs as loan volume falls 40% over last year; consolidates mortgage units

Wed, 03 Oct 2007 17:43:37 +0000

[...] you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!Morgan Stanley reported job cuts of 600 yesterday as it combined its three mortgage divisions in to one; and now it is Bear Stearns’ turn. [...]

By: First Nlc

First Nlc — Wed, 03 Oct 2007 15:52:55 +0000

“We have to find the lesson in this mess and never repeat the mistakes again” WELL SAID DAVID!

By: David

David — Wed, 03 Oct 2007 00:59:40 +0000

The layoffs have hurt more than just brokers and Loan officers, think about the processors,closers and title company workers most of these employee’s earned between 30,000 to 50,000 per year and were loyal to some of the biggest crooks at the head of these imploded companies. We will all be better for all that has happened. There are universal laws in effect the economist have been screaming about since early 2004 that I myself did not want to believe about the housing cycles. The pace of the housing values and could not continue to grow, The corrections had to happen because wages were not going up.Don’t blame it on Greenspan , He raise interest rates 18 times in a year and a half but, the investors demanded those CDO’s and the market did not respond until the defaults started mounting and earnings took and nose dive. In June of 2007 30 fixed rates were about 6.5%. We have to find the lesson in this mess and never repeat the mistakes again.

By: Ann

Ann — Tue, 02 Oct 2007 23:42:02 +0000

Your comment First NLC about the mortgage business paying is why this article was written today….

http://www.boston.com/news/globe/editorial_opinion/oped/articles/2007/10/02/mortgage_brokers_sleight_of_hand/

It shows just another link in the chain that was once a strong housing market…

By: FIRST NLC

FIRST NLC — Tue, 02 Oct 2007 22:51:15 +0000

I agree? all my friends in this industry including me are feeling the pain. I?m still working but, I look at these websites every day and just shake my head wondering! Whose next? You can?t even go to the bathroom with a co worker in my office without everybody thinking ?is there another layoff meeting?? The really sad thing about this whole mortgage crisis is? if you lose you?re job it?s not like you can just go get another one like before, because when you?re whole industry is not hiring what you can do! Also I?m sure most of us have been looking for jobs, and finding out the hard way that nobody pays like mortgage money? degree or no degree!

By: Morgan Brown

Morgan Brown — Tue, 02 Oct 2007 22:04:39 +0000

I agree Horace; there shouldn’t be any smugness out of anyone with a job in this industry – just be thankful that you are still working and able to (hopefully) support your family. Thanks for the comment.

By: Horace

Horace — Tue, 02 Oct 2007 21:37:07 +0000

Another day, more bad news. This is really hitting a lot of people hard out there. I know of one mortgage lender that chose suicide as the way out and the ones that still have jobs are struggling to get by. Of course, this spending binge will eventually unwind and affect everybody’s job so nobody should be feeling too smug.