Comments on: Another one bites the dust - OwnIt Mortgage http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/ Mortgage insiders view on mortgages, real estate, debt, and the housing bubble. site by SoCalMtgGuy, author of - Another F@CKED Borrower Wed, 23 Jul 2008 18:37:25 +0000 http://wordpress.org/?v=2.0.5 by: Hannab http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-505801 Sun, 02 Dec 2007 09:38:17 +0000 http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-505801 <strong>Hannab...</strong> This is one thing I definitely agree on... Hannab…

This is one thing I definitely agree on…

]]> by: Naughty Minx http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-101241 Mon, 22 Jan 2007 21:36:02 +0000 http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-101241 I worked with xxxxxxx when he was an AE at WMC Costa Mesa. He started out in the Woodland Hills corp office as the training manager, basically compiling information referred to him from Subject Matter Experts. He was downsized when HR cleaned house in that department and was offered two choices: 1) stay in W. Hills as an inside BDA (Business Development Associate = AM) or 2)drive to Costa Mesa every day from Simi Valley and become a BDR (Business Development Repersentative = AE). Guess what he chose. Just because you compile a training manual doesn't mean you have a clue about the mortgage business. The guy was NOT well-liked at WMC, mostly because he expected everyone around him to treat him like he was a seasoned BDR. He wasn't. HE hadn't earned it and didn't have the experience or the knowledge to even BEGIN to earn it. He liked to throw tantrums when he didn't get his way. He liked to make pretty graphs and charts to post at his little cube about where his sales were that week. He lasted about 8 months at WMC before getting the boot. It's only fitting that his termination consisted of being shipped off to a trade show. HR probably didn't want to deal with his whining face to face, so they got him as far away from the office as possible before pulling the plug on it's "spokesperson". Scheudenfruede!! MUAHAHAHAHAHA! I worked with xxxxxxx when he was an AE at WMC Costa Mesa.
He started out in the Woodland Hills corp office as the training manager, basically compiling information referred to him from Subject Matter Experts. He was downsized when HR cleaned house in that department and was offered two choices: 1) stay in W. Hills as an inside BDA (Business Development Associate = AM) or 2)drive to Costa Mesa every day from Simi Valley and become a BDR (Business Development Repersentative = AE). Guess what he chose. Just because you compile a training manual doesn’t mean you have a clue about the mortgage business. The guy was NOT well-liked at WMC, mostly because he expected everyone around him to treat him like he was a seasoned BDR. He wasn’t. HE hadn’t earned it and didn’t have the experience or the knowledge to even BEGIN to earn it. He liked to throw tantrums when he didn’t get his way. He liked to make pretty graphs and charts to post at his little cube about where his sales were that week. He lasted about 8 months at WMC before getting the boot.
It’s only fitting that his termination consisted of being shipped off to a trade show. HR probably didn’t want to deal with his whining face to face, so they got him as far away from the office as possible before pulling the plug on it’s “spokesperson”.

Scheudenfruede!!
MUAHAHAHAHAHA!

]]> by: jerome steinfeld http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-86534 Tue, 09 Jan 2007 00:31:52 +0000 http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-86534 Ownit Mortgage got OWNED Ownit Mortgage got OWNED

]]> by: Deanfv http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-57810 Thu, 14 Dec 2006 05:41:33 +0000 http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-57810 OH yeah, sales in socal down 25%. Soft landing my rear end. Go Navy! OH yeah, sales in socal down 25%. Soft landing my rear end.

Go Navy!

]]> by: Deanfv http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-57809 Thu, 14 Dec 2006 05:40:45 +0000 http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-57809 Go Navy! Beat Army! and Boston College! Dean USNA 88 Go Navy! Beat Army! and Boston College!
Dean
USNA 88

]]> by: Chip http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-57364 Tue, 12 Dec 2006 17:04:43 +0000 http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-57364 SoCal -- love the photo -- LOL. SoCal — love the photo — LOL.

]]> by: Analysis Guy http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-56265 Mon, 11 Dec 2006 21:18:47 +0000 http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-56265 I released today’s FREE report on Chicago. And it's a fairly normal market - that's strange for us CA natives... It joins prior FREE reports on Boston, Bakersfield, San Francisco, Seattle & Los Angeles. <a href="http://thebubblebuster.com" rel="nofollow">thebubblebuster.com</a> I released today’s FREE report on Chicago. And it’s a fairly normal market - that’s strange for us CA natives… It joins prior FREE reports on Boston, Bakersfield, San Francisco, Seattle & Los Angeles.
thebubblebuster.com

]]> by: fiat lux http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-54932 Sun, 10 Dec 2006 02:27:43 +0000 http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-54932 Thanks SCMG, I knew that these loans were generally resold, but was unclear on the longterm implications. Any way you look at it, this is just going to further muddy the already dank waters of the subprime mortgage pool. It's not going to be pretty. Thanks SCMG, I knew that these loans were generally resold, but was unclear on the longterm implications.

Any way you look at it, this is just going to further muddy the already dank waters of the subprime mortgage pool. It’s not going to be pretty.

]]> by: Robert Coté http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-54910 Sun, 10 Dec 2006 01:26:03 +0000 http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-54910 Oh dear, another negative thought has crossed my mind. Must remember to cleanse with Jamba Juice. That evil thought just won't go away unless I post it here. WRT servicing, I'm sure this is a lot like any other backroom. I can see them engineering a diversion of payments and disappearing or worse; just plain screwing up. I know the fine print says that unless the lender gets the money the borrower is responsible so there's gonna be a lot of finger pointing and confusion to go around when the waters get muddy. SoCalMtgGuy, ever get up Camarillo way? Oh dear, another negative thought has crossed my mind. Must remember to cleanse with Jamba Juice.

That evil thought just won’t go away unless I post it here. WRT servicing, I’m sure this is a lot like any other backroom. I can see them engineering a diversion of payments and disappearing or worse; just plain screwing up. I know the fine print says that unless the lender gets the money the borrower is responsible so there’s gonna be a lot of finger pointing and confusion to go around when the waters get muddy.

SoCalMtgGuy, ever get up Camarillo way?

]]> by: SoCalMtgGuy http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-54831 Sat, 09 Dec 2006 21:38:02 +0000 http://housingbubblecasualty.com/another-one-bites-the-dust-ownit-mortgage/#comment-54831 Idaho Spud....THANK YOU!! Fiat Lux.... The loans are split-up between the security piece and the servicing piece. Even if the loan is sold, somebody has to service that loan. Ever wonder why you get a letter in the mail telling you to send your mortgage payment to some 'new' place. There will be some issues when the company goes under, but believe me, somebody owns that mortgage, and they will want their monthly paycheck. They will make sure that someobody is 'servicing' that loan. I hope this helps some... SoCalMtgGuy Idaho Spud….THANK YOU!!

Fiat Lux….

The loans are split-up between the security piece and the servicing piece. Even if the loan is sold, somebody has to service that loan.

Ever wonder why you get a letter in the mail telling you to send your mortgage payment to some ‘new’ place.

There will be some issues when the company goes under, but believe me, somebody owns that mortgage, and they will want their monthly paycheck. They will make sure that someobody is ’servicing’ that loan.

I hope this helps some…

SoCalMtgGuy

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