Money The Sign of All Times
posted by April 9 at 9:52 AMon
Who is paying for the WaMu mess? No need to guess:
The Florida employee said she’d like to leave the industry but “I’m 58, and I’ve got a house and car payments to make and parents who have Alzheimer’s, and I don’t know what else to do.”
A Seattle-area loan officer who is being laid off after a decade at WaMu said he and others are angry at upper management.
“On April 1, they told the big producers that we’re solid, we’re good, we want to keep you, and less than a week later, you’re gone,” he said.
“The loans we do did not cause their problem,” he added, saying that people in WaMu’s conventional-lending business are paying for missteps the company made with subprime loans, which were given to people with poor credit.
Dave Erickson, president of the Washington Association of Mortgage Brokers, said he is surprised that WaMu will no longer supply loans through mortgage brokers. He predicted borrowers will be affected.
Because history is nothing but this anger, betrayal, and struggle, why are these WaMu employees and contractors so surprised? Stop being surprised.