The good thing about losing your job as a mortgage broker is that there is a high demand for their skill is other professions like...ummm....let's see....oh, never mind. They are screwed.
Wow! More than 100 lenders that have halted loans, closed or sold themselves over the past 18 months amid the worst housing market since the Great Depression.
Used the G-D word by the second paragraph...
You should definitely seek other employment immediately,'' Weinstein said in an e-mail today to the employees.I would expect that you have about 30 days to close your loans before it starts getting bad,'' he said, signing the note ``Eric `Shut the Lights' Weinstein.''
This is pure gold!
Weinstein retained employees this year hoping for a turnaround that hasn't happened, said Paul Skeens, president of Colonial Mortgage Co. of Waldorf, Maryland. Skeens was a top- producing broker at Carteret during eight years at the company before leaving this year to start Colonial, according to Weinstein.
How long until we see the headline... Colonial Morgage Company Closes
re: Romo
Reminds me of a scene from a movie...
January - It's just a scratch
February - Minor flesh wound
March - Flesh wound deeper than I thought
April - One arm gone
May - There goes a leg
June - Bloody all over!
Well, just remember that 800 (or 4,000) fewer white collar workers that companies need to buy networking, PCs, etc. for. And probably a lot of surplus not-so-old tech gear going on the market to buy very, very cheap.
Work-from-home workers are heavy tech equipment and software users, and they are going out of work fast.
Tech is gonna take a bath, starting real soon. Earnings declines coming almost across the (Nas) board.
RE: Coincident indicators...surprisingly, the Pacific NW has really gotten blitzed relative to other regions...this is my neck of the woods...several large layoffs announced recently in OR...I thought Boeing and MSFT were supposed to be hiring like crazy.
Can you or Tanta please try and put together, when you have time, a post about declining cancellation rates, that gives a detailed example for the slower ones among us? I never really got it...
this is not a normal company, they are even advertising a MLM fruit juice on their webpage. I would say this is a MLM shutting down and you need to watch out for the next scam they come up with, but it will probably be a gas saving pill or a fruit juice, or the next Mary Kay, just my best guesses.
That picture of the management team was something. With those 'bookends' - the two big guys on each end - one wonders how any of their loans went bad. Just send them out to collect, each with a baseball bat. The should send their resume to Sheila - she needs their kind in a bad way.
Extremely interesting news. I have been a Loan Officer for 6.5 years (hopefully I'm one of the good ones). I was looking to change employers in the fall of 2006 and I seriously considered going to work for Carteret. There were a lot of pluses from my standpoint. I do remember one curious thing that ultimately killed the deal for me.
I asked to see a list of their approved broker relationships and I was happy to see every lender listed that I wanted to do business with. There was one particular lender that I knew from experience was a joy to work with. I inquired with Carteret as to how much business they did with this particular lender and they said "Uh...we'll get back to you." Eventually I found out Carteret had been blacklisted by this lender (along with several others that were fairly reputable - at least by mortgage industry standards). That alone was enough to raise alarm and I eventually moved on to a different employer.
4,000 criminals running the streets...do they need to notify the locals like sex offenders?
First... to be laid off.
"We are not technically out of biz. yet." "We just ran out of money."
``We ran out of money,''
``We're not technically out of business yet"
2+2=5?
"The company's business model allowed employees to work from home and earn income by recruiting and managing other workers"
Is this the definition of a Ponzi Scheme...just saying...
The good thing about losing your job as a mortgage broker is that there is a high demand for their skill is other professions like...ummm....let's see....oh, never mind. They are screwed.
Implode-Explode Forums :: View topic - Carteret Mortgage closes doors!
"They are a broker HQd out of Centreville, VA. Some good loan officers but a lot of bad ones. A ton of fraud. "
Mortgage broker jokes are the new lawyer jokes.
Gives them time to squeeze in a week more mortgage fraud incidences. Unproductive shady business - Good riddance.
Wow!
More than 100 lenders that have halted loans, closed or sold themselves over the past 18 months amid the worst housing market since the Great Depression.
Used the G-D word by the second paragraph...
You should definitely seek other employment immediately,'' Weinstein said in an e-mail today to the employees.I would expect that you have about 30 days to close your loans before it starts getting bad,'' he said, signing the note ``Eric `Shut the Lights' Weinstein.''
This is pure gold!
Weinstein retained employees this year hoping for a turnaround that hasn't happened, said Paul Skeens, president of Colonial Mortgage Co. of Waldorf, Maryland. Skeens was a top- producing broker at Carteret during eight years at the company before leaving this year to start Colonial, according to Weinstein.
How long until we see the headline... Colonial Morgage Company Closes
OT: The Philly Fed Coincident indicators are out. See the nation turn red... http://www.pbase.com/image/97413296/original.jpg
re: Romo
Reminds me of a scene from a movie...
January - It's just a scratch
February - Minor flesh wound
March - Flesh wound deeper than I thought
April - One arm gone
May - There goes a leg
June - Bloody all over!
Whatever happened to NVMtgBroker who later changed his name to FormerNVMtgBroker? Does his still lurk here? If so, what is your new profession?
Well, just remember that 800 (or 4,000) fewer white collar workers that companies need to buy networking, PCs, etc. for. And probably a lot of surplus not-so-old tech gear going on the market to buy very, very cheap.
Work-from-home workers are heavy tech equipment and software users, and they are going out of work fast.
Tech is gonna take a bath, starting real soon. Earnings declines coming almost across the (Nas) board.
RE: Coincident indicators...surprisingly, the Pacific NW has really gotten blitzed relative to other regions...this is my neck of the woods...several large layoffs announced recently in OR...I thought Boeing and MSFT were supposed to be hiring like crazy.
Here's a picture of the management team, exuding confidence with arms crossed!
https://www2.carteretmortgage.com/index.htm
From SeekingAlpha:
5:30 PM Ross Perot is back, and you can see and hear what he thinks at PerotCharts.
I hate HaloScan by the way; oughtta be able to incorporate hyperlinks by default.
Perot's site is a pretty good update on government spending trends. The charts are good; almost as good as CR's:)
CR,
Can you or Tanta please try and put together, when you have time, a post about declining cancellation rates, that gives a detailed example for the slower ones among us? I never really got it...
Dean:
That management picture is kinda scary.
It is...the guy on the left looks like a bad a$$ from a 70's movie!
VP Compliance? More like VP of Enforcement!
"Is this the definition of a Ponzi Scheme...just saying..."
Ponzi schemes target investors, this is more like a pyramid/multi-level marketing scheme (ala Amway).
Picture says it all. Where's Wolfman Jack?
Mrs. Barber the CFO...she might want to not put this on her resume.
Elvis,
ex-nnv hung out at HBB.
4500 less potential new home sales, 4500 more existing (distressed) home sales.
The wide-eyed bugged out look is certainly disconcerting.
I guess they're trying to come off as high energy, but they look like speed freaks.
tj,
Thanks, I have been there for awhile. I got texas chicked out.
Elvis she left...not sure why.
I rarely go there anymore...
Good to know.
However, they are still taking applications.
this is not a normal company, they are even advertising a MLM fruit juice on their webpage. I would say this is a MLM shutting down and you need to watch out for the next scam they come up with, but it will probably be a gas saving pill or a fruit juice, or the next Mary Kay, just my best guesses.
I got texas chicked out.
What does that mean?
btw, she posted here a couple of times recently.
Don't let the door hit you on the way out, assholes!!!
...if they aint a big mess, it will do until the mess gets here.
"we ran out of money"
why should that stop them? That isn't stopping California from staying in business.
That picture of the management team was something. With those 'bookends' - the two big guys on each end - one wonders how any of their loans went bad. Just send them out to collect, each with a baseball bat. The should send their resume to Sheila - she needs their kind in a bad way.
When I read stories like this, it drives home the point how sleazy this industry became, and how rampant the fraud was. Good riddance, who**es.
Extremely interesting news. I have been a Loan Officer for 6.5 years (hopefully I'm one of the good ones). I was looking to change employers in the fall of 2006 and I seriously considered going to work for Carteret. There were a lot of pluses from my standpoint. I do remember one curious thing that ultimately killed the deal for me.
I asked to see a list of their approved broker relationships and I was happy to see every lender listed that I wanted to do business with. There was one particular lender that I knew from experience was a joy to work with. I inquired with Carteret as to how much business they did with this particular lender and they said "Uh...we'll get back to you." Eventually I found out Carteret had been blacklisted by this lender (along with several others that were fairly reputable - at least by mortgage industry standards). That alone was enough to raise alarm and I eventually moved on to a different employer.
Looking back it makes a little more sense now.