Hiring “loss mitigation” specialists … from Padilla’s blog

[AK]

Here’s what Matthew Padilla posted Monday:

It’s not all blood, sweat and tears out there for mortgage industry folks.

EMC Mortgage, a unit of Bear Stearns, is hiring 100 mortgage workers with “loss mitigation” experience for its customer call center in Irvine. Loss mitigation is industry lingo for helping financially strapped borrowers avoid foreclosure or at least that’s my understanding.

The lender is holding a job fair on Wednesday, Aug. 22, from 3 p.m. to 8 p.m. at the Radisson Hotel, 4545 MacArthur Blvd, Newport Beach.

The responses were enlightening, and say a lot about both the state of the industry and the difference between job growth and quality of jobs. Here’s one example:

Yeah, but I’ll bet dollars to your doughnuts the pay is roughly half what it “mortgage folks” were used to making. (We’re hiring too, and we’re in the default industry as well, and we’ve given up hope with mortgage industry refugees, at least for now – admin/clerical workers want $100K plus. Yeah, right. Next, please.) …

[T]hey will get an earful from upset and stressed out borrowers whose dreams are blowing up right in front of their eyes. You couldn’t pay me enough to take on that thankless job, particularly with mid-level managers who have no experience in a down market and who have to “manage” with investor guidelines demanding certain levels of loss mit performance that have no basis in the new reality.

And another:

EMC is in fact hiring,(I went to the jobfair in May, and was offered a job roughly half of what I was making at my last job – blah) BUT read the fine print:

These jobs pay about $40K /yr and the hours are horrible.

They offer 2 shifts – 5:00a to 2:00p OR 12:00p to 8:00p. If you have kids or a social life, please remember to kiss them goodbye before working in this pit.

[lindismith]

Sounds exactly like the dotcom aftermath. College grads who had previously commanded 60K for a little HTML experience suddenly found themselves on the 30K scale.

I don’t feel sorry for these people. They were all riding the gravy train as long as they could. They’re not stupid. They’ll find other options.

[lindismith]

Sounds exactly like the dotcom aftermath. College grads who had previously commanded 60K for a little HTML experience suddenly found themselves on the 30K scale.

I don’t feel sorry for these people. They were all riding the gravy train as long as they could. They’re not stupid. They’ll find other options.

[lindismith]

Sounds exactly like the dotcom aftermath. College grads who had previously commanded 60K for a little HTML experience suddenly found themselves on the 30K scale.

I don’t feel sorry for these people. They were all riding the gravy train as long as they could. They’re not stupid. They’ll find other options.

[bsrsharma]

We’re hiring too, and we’re in the default industry

Brings back memory of the last "default industry" – I was a RTC contractor doing database work  (interesting stuff – sorting assets into those that can be sold for 20 cents on a $, 40 c, 60 c etc., They called it asset stratification. I saw a LOT of good stuff in the 20c on a $ pile). They paid me market rate; Basically they had a blank check from Congress to get rid of the mess (failed S&Ls and their greatly devalued assets).

[bsrsharma]

We’re hiring too, and we’re in the default industry

Brings back memory of the last "default industry" – I was a RTC contractor doing database work  (interesting stuff – sorting assets into those that can be sold for 20 cents on a $, 40 c, 60 c etc., They called it asset stratification. I saw a LOT of good stuff in the 20c on a $ pile). They paid me market rate; Basically they had a blank check from Congress to get rid of the mess (failed S&Ls and their greatly devalued assets).

[bsrsharma]

We’re hiring too, and we’re in the default industry

Brings back memory of the last "default industry" – I was a RTC contractor doing database work  (interesting stuff – sorting assets into those that can be sold for 20 cents on a $, 40 c, 60 c etc., They called it asset stratification. I saw a LOT of good stuff in the 20c on a $ pile). They paid me market rate; Basically they had a blank check from Congress to get rid of the mess (failed S&Ls and their greatly devalued assets).

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