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Trump Mortgage--You're Fired!!

By Bill Nazur

Mortgage and Lending with First Lending Solutions NMLS ID 1325784

August 13, 2007 07:37 PM

Well I know that several Active Rainers around the country will not be able to sleep for weeks knowing that Trump Mortgage has shut its doors after less than 2 years of being on the market.

It could have been 2 days for all I cared.....I guess the "Don" learned the hard way that you can't just stamp your name on a mortgage company, and expect to make money; or can you?

Isn't that one of the reasons that we're in the market that we're in today? Couldn't every Tom, Dick, and Harry write a loan a couple of years ago? I met a 23 year old kid driving a Ferrari one day compliments of his subprime borrowers who paid him 4 points MINIMUM!!!

Should compensation have a CAP? or do you completely allow the free market to reign, knowing that some will pay more and some will pay less?

Oh, but he'll be back signing a deal with First Meridian Mortgage who will soon be known as Trump Financial....oh please, give it up now! Trump cannot master everything! Stick to what you do well, and stay out of the specialty businesses such as real estate.

Give me some comments that if Donald walked in to YOUR boardroom, you would tell him.....make it fun, I'm not going to send it to his offices! LOL!

Comments(27)

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Billnulls Blog Florida Realty Professional

Charles Rutenberg Realty - Clearwater, FL

AHWD

Great post! I think most of us find him obnoxious and boring! The guy loves himself so much that nobody else needs to!

Aug 14, 2007 05:54 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Bill & Barbara Jo

He would walk out of my boardroom with a worse hairstyle than when he walked in! Glad to see he's out of it!

Aug 14, 2007 05:59 AM

Seth Callen

Farmers Insurance - Lawton, OK

I hadn't heard that Trump had a mtg. company. 4 point boy was just a symptom of the overall sickness, and I'd bet money he won't have that car long. Good post.

Aug 14, 2007 06:31 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Seth

4 point boy has probably drowned in his own greed by now....Oh well......

Aug 14, 2007 02:09 PM

Steve Hawk

Right Start Mortgage (NMLS #35960) - Tempe, AZ

Licensed In AZ, CA, OR & WA

I sure hope his mail order steaks company won't be the next to fold.

Aug 15, 2007 02:01 PM

Bill Nazur

First Lending Solutions - Riverside, CA

Steve

He has a steak sale going to help pay for the mortgages he probably needs to buy back from Wall Street right now!

Aug 15, 2007 02:28 PM

Rita Bradley

Laguna Hills, CA

Valuation Consultant in Orange County California 949-916-3263

Trump is interesting but not someone I want to pattern my life after. I'm thinking more along the lines of Harvey McKay.

Aug 15, 2007 07:20 PM

Bill Nazur

First Lending Solutions - Riverside, CA

Rita

Oh come on....that hairstyle of his would look great on you. Just imagine as you walked in to appraise a property, the comments you'd be getting! :)

Aug 16, 2007 04:14 AM

Rita Bradley

Laguna Hills, CA

Valuation Consultant in Orange County California 949-916-3263

That'd be HOT!

Aug 16, 2007 05:20 AM

Jay Beckingham

Christensen Financial Mortgage - Port St Lucie, FL

Seniors ROCK!

trumps been trumped.

maybe a new hairpiece would have done the trick.

Aug 16, 2007 06:20 AM

Chris Patagonia

Patagonia Finance - Hayward, CA

Finance

It is hard to believe there are people out there, who will take advantage by charging soooo much. carma.

Aug 16, 2007 07:00 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Chris

There are days when I carried that karma sword! I'd clean up the industry one crooked person at a time!

Aug 16, 2007 07:25 AM

Rita Bradley

Laguna Hills, CA

Valuation Consultant in Orange County California 949-916-3263

As they say, give people enough rope and they'll hang themselves. Hopefully some learned a valuable lesson.

Aug 16, 2007 07:29 AM

Carolyn Hollier

Atlanta, GA

Thanks for telling it like it is. Trump was born rich, and alot of his bankers etc were family friends. He had already had a leg up in the industry before he was born. And the truth is, alot of the breaks he's gotten would not have been given to average joes like us who started with nothing. He is such a narcisist, if you read his books all he talks about is his own sucess and how great he is. AND HE"S DISGUISTING.

Aug 16, 2007 09:31 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Jay

Trump is a highly leveraged chump!

Rita

I'm stil pushing for you to wear that hair piece! ahhh.....and we'll throw some rope in while we're at it. :)

Carolyn

the born rich part I can live with....I hope to leave a legacy for my kids some day, though I know they'll grow up with more values ingrained in them.....the books on the other hand are PATHETIC. The first and only book of his I read, I returned to the book store. They know me so they accepted it, but that choppy writing style with absolutely no depth to his tale was appalling. Narcissistic is far too polite for Trump!

Aug 16, 2007 02:00 PM

Nicolette Ceballos, Fountain Valley Now Serving all of California

Bilingual Escrow Officer - Fountain Valley, CA

I remember you mentioning the kid with the Ferrari at the NAHREP Breakfast meeting last Wednesday and didn't find it to be surprising. That kid in turn will learn the very hard way with the market we are in now.

As for Trump, I didn't know he had a mortgage company but that didn't surprise me nor do I think I will lose sleep over the fact that the company closed in two years. Poor Donald Trump...I guess he will have to deal with the millions he already had from everything else he owns. Funny that his airline didn't last very long either.

Poor quality and lack of knowledge and experience isn't going to make you money.

Aug 20, 2007 05:24 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Nicolette

Your last sentence just summarized how in any market, particularly this one, education is key. For the consumer, as well as all of those in our industry, those that do not belong in the industry for one reason or another, do not care, and do not put their clients needs first, will not get through this latest cycle.

Again, thanks for being involved in general, particularly for our Hispanic community. See you soon!

Aug 20, 2007 05:30 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

I have two investors that are getting their mortgage license so they can write their own loans and other investor loans. Just to save points! They are tired of them and tired of having to do hard money loans to get things done in a timely fashion.

I'm sure The Donald thought that since he is a real estate mogul, that he could expand on that by starting his own mortgage industry. You have to be impressed with the guy, if he sees something that can make money he tries it! He doesn't say, it won't work, he goes in with an attitude that it will work and goes for it. Sometime he fails, but more often than not, he ads to his wealth.

Personally he is on my BIG ASS list, but as a business person, he is very smart!

Aug 27, 2007 03:17 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Todd

Yes, you are right, he is a marketing machine! For that I admire how he gets people to recognize his every step. Ahhh....your investors are going to write their own loans....that ought to be interesting. They may frustrate themselves just to save a few bucks....you'll have to tell me how that works out. :)

Aug 27, 2007 03:57 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Mike

Apparently neither did the rest of America. LOL!

Aug 28, 2007 07:31 AM