Well we all know that Mortgage Companies and Banks are closing their doors left and right.  This means people are out of work and will be competing for a scarce few jobs in the sector.  In a story on the housingwire.com, about Aegis Mortgage I was floored to find out the following:

every single one of the people fired when Aegis Mortgage filed bankruptcy now apparently find themselves without health insurance... 

...Those let go were shocked to find that they were not eligible for COBRA. While Federal law requires businesses with more than 20 employees to offer departing workers the chance to buy an extra 18 months of health insurance, it is only required for companies with an active benefit plan, Full Story

My heart goes out to any and all people that have lost or will lose a job in the Mortgage Industry.  We know that we will be able to close fewer loans, and there will be fewer companies competing for the same piece of the pie, but, have we even glimpsed the full extent of where we are headed?  I don't think we have!

Your mortgage partner for life,  

Rey "Steak Dinner" Gallegos
Senior Loan Officer
Five Star Mortgage
Website: http://www.steak-dinner.com/
Your complete community mortgage broker
Approved in NV, CA, UT, NM, AK, and FL
Proud member National Association of Mortgage Brokers
 

5 Comments on Mortgage Industry: Have we seen the full ramifications?

Oh my goodness!  That is terrible!  I feel for those people as well.  I can't even imagine...especially if you thought you did have insurance and are in need of it.  I know it is tough right now......

08/20/2007 03:21 PM by Naoma Doriguzzi -Wachovia Mortgage (Wachovia Mortgage, FSB)

The .5% lowering by the Feds helps a little.  The market still has to figure out how to react to that.  I believe the Feds finally got the message that our economy needs some help. The unemployment and consumer numbers have shown that there is a problem.  The media just makes it worse than it already is.  It may take a turn depending on how the market reacts.  That is the unpredictability of the market.

08/20/2007 03:44 PM by Marie Kletke - Broker Long Beach Real Estate (On Point Realty - Long Beach, California)

Man Rey, you are full of good news today.  This is worse than awful.  I am battling cancer and could not afford to loase my health insurance.  I know there are folks in this company in the same boat.  My prayers are with them. Aloha

08/20/2007 03:46 PM by Bruce Bourgault, Vice President, Mpro (Central Pacific Home Loans)

Naoma, That is what is the hardest!  No insurance and no job!

Marie, Unfortunately, I think they will have to step in and help!

 

Bruce, I hate to be the bearer of bad news!  I have been trying to find positive Mortgage Commentary but there isn't a whole lot.  My prayers are with all of those that lose their jobs and to you as well. 

08/20/2007 05:30 PM by Rey Gallegos Home Loan Consultant Las Vegas, NV (A Mortgage Bank)

Hey, Rey - what's with the "Steak Dinner"?

08/28/2007 02:59 AM by Marie Kletke - Broker Long Beach Real Estate (On Point Realty - Long Beach, California)

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Loan Officer: Rey Gallegos Home Loan Consultant Las Vegas, NV (A Mortgage Bank)
Rey Gallegos Home Loan Consultant Las Vegas, NV
Las Vegas, NV
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