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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (72044)	2/13/2007 12:27:08 PM
From: CalculatedRisk	Respond to of 306849

A GREAT article on the front page of the LA Times: It's their default position latimes.com Some excerpts: During the four-year boom that ended last summer, Home Center expanded from 15 agents to 80 in three offices. The roster of agents has since sunk to 52, only about half of whom are active. "The rest are looking for side jobs at McDonald's," said Home Center President Jason Bosch. "It happened overnight." And some more: "To make a living, you had to push a product you didn't believe in," said Aimee Quigley, a Home Center mortgage broker. "It was like being a defense attorney where you know your client did it, but you have to say he didn't." Quigley says she tried to emphasize how quickly these loans would adjust, causing payments to balloon, but the message rarely got through. "Nine out of ten times when these loans closed, we would sit there and say, 'How long can they hold it together?'"