Sign of the Times

I came in to the office yesterday to find a gaggle of movers in my elevator.

They were accompanied by my favorite security guard, Don. I asked him, "Who's moving in?"

He replied, "It's not moving in - it's moving out. Suite 880 is out of business."

"Suite 880? Hey, that's right next to me! They just moved in a couple of months ago, what happened?"

Don, "I don't know, they just went out of business. they were one of those mortgage brokers you know... The building management is not too happy about it."

The truth is - they were not really one of "those" mortgage brokers - they were a closing office for mass mailed loan offers - the kind you and I get everyday in our mail box, as well as the Phone Dialers and Spam Mailers.

They did it all!

Their biggest product seller was the Payment Option ARM (they closed 20+ a month) and you can guess they were selling them all to unsuspecting borrowers.

They had just switched to selling the Money Merge Loans but then I guess the Sub Prime collapse took a bite out of their pipeline.

Well, I can't say I'm sorry to see them go. Easy come - easy go!

Moral of the Story:
Times are indeed changing. More and more of these guys are dying out. As they go, I'm remind you to be extra careful out there. Just as you are never supposed to approach a wounded animal, stay clear of these "animals" as well.

As they approach the end, let's just say it this way...

Their ethics tend to disappear first.