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Utopia Talk / Politics / entire mortgage industry is hiring
earthpig
GTFO HOer
Thu Aug 06 00:25:49
If anyone is looking for work. FYI.
smart dude
Member
Thu Aug 06 01:24:52
Uh huh, and the Titanic is accepting reservations for its next voyage. Thanks but no thanks.
earthpig
GTFO HOer
Thu Aug 06 01:30:24
The vital difference being that if the mortgage industry crashes and burns again, you just take your profit/salary/pay, get off the ship, and collect unemployment.

It's not like it's our personal money we lend to people. Right now, we're lending out gov't's printed money.

Let me know if you can look at this chart and spot when the gov't started printing money and throwing it at my profession:

http://www.mortgagenewsdaily.com/mbs/

Set for 6 months and UMBS 3.0.

I'm a fucking welfare queen.
earthpig
GTFO HOer
Thu Aug 06 01:36:06
And, yes, I openly mock people in my profession who profess to be "libertarians." No, fucker, you aren't. You're also a "too big to fail" welfare queen, so shut the fuck up unless you refuse to do any loan that's Fannie/Freddie/FHA/VA/USDA.
Nimatzo
iChihuaha
Thu Aug 06 02:09:41
The Fed were like an observant and overly protective father, they watched as their child was about to fall and went "apupup, up you go again".
smart dude
Member
Thu Aug 06 03:35:39
Anyone who ever used the phrased "im my profession" probably isn't very good at his job, no offense. And if you're resorting to peddling your crap to UT (with graphs and pretty colors!) I think we all know the ship is sinking. Like, last week I sold my Rolex to a homeless guy for a bite of his Subway sandwich level of desperation.
Nimatzo
iChihuaha
Thu Aug 06 05:50:53
SD
Pretty mych everyone I meet that speaks in categorical terms like that have been retarded. No offence.
Habebe
Member
Thu Aug 06 07:57:40
I read an article that they've been printing money like no tomorrow and aiming at 2% inflation while it's still pretty low at like 1% as of now.
Dakyron
Member
Thu Aug 06 10:37:59
For many banks, mortgages are a small slice of their profit pie, so probably not too much to worry about. I worked at a big bank during the recession and that place was still flush with cash.

Anyway, there are always jobs for people with college educations, decent technical, and decent soft skills.

Right now the people out of work are high school drop outs, immigrants, ex-cons, etc... People who probably can't get a job working in the banking industry.
Pillz
Member
Thu Aug 06 17:12:20
Wonder what unemployment trends from March till this ends will look like between Canada (now 5 months of welfare for people not working) and the US

Wonder what the fuck is going to happen when all the lazy bums and welfare rats collecting the taxable 2k/mo get their bill next year too
earthpig
GTFO HOer
Thu Aug 06 22:31:44
"
The Fed were like an observant and overly protective father, they watched as their child was about to fall and went "apupup, up you go again".
"

Yup, the mortgage industry would be imploding right about now if not for all that money printing.

"
Right now the people out of work are high school drop outs, immigrants, ex-cons, etc... People who probably can't get a job working in the banking industry.
"

Banks have no idea who the brokers sending them business employ. Some regional depository banks started soliciting broker business starting last year.

First Savings Bank: http://tpo.e2lending.com/

Fremont Bank: http://www.fremontbank.com/personal/borrow/wholesale-lending

Of course #1 in the country by volume (not a depository), who is having it's IPO as we speak: http://www.qlmortgageservices.com/
Nimatzo
iChihuaha
Fri Aug 07 04:36:22
I work at a place that is involved in all kinds of research towards the private sector. So, you get a good feel for the state of R&D broadly. I can say that apart from a few areas, like Life science, PPE and security products (security has boomed unsurprisingly) it is very quiet on the western front. I don't have much insight in the AI and IT areas, but I think they have escaped most of it. They may have allocated effort to different assignments in line with solving pandemic related issues, but so far OK.

Now, this assessment is already old, it isn't unsurprising that you pull the breaks when you are confronted with a crisis, it could be a short lived initial reaction. But I doubt it and at any rate there are cascades of jobs that result from R&D and they lag in being restored. Yet even if the direct effects are worse than the financial crisis, this is a much better situation, because there are no structural issues with the game itself.

My wife works in tourism and their company is lucky as hell, because they are situated near a very popular destination. It looked really grim during April, but things are kinda back to normal. But dear god all the ordinary restaurants and food stops along the roads, I have never seen such desolation.
patom
Member
Fri Aug 07 07:53:28
Another line of work that is recession and Pandemic proof would by Corrections Officer. As long as you can stand erect and have a clean record (breathing is required) you can probably get a job at your nearest jail or prison. They are always shorthanded and in many prisons there is mandatory OT.
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