Hey! I got the axe!

[Kyyle23]

Our parent company is downsizing from 54 branches to 40 branches. Today. We were told last night, at 7 PM. I am currently cleaning out my desk(oh so fun) and scrambling to put together my resume.

 

Anyone know of any jobs available in the Mortgage industry? I have experience.....

 

This f***ing sucks.

[mreye]

Sorry to hear that. If I hear anything I'll drop you a line. Good luck. Did they at least give you a good package?

[FlaSoxxJim]

Damn, that blows Kyyle. Heck of a way for the company to send you into the holiday season.

 

Best of luck finding that kick-ass gig that makes you forget about the last one in a heartbeat.

[sox4lifeinPA]

My bank just did a "corporate restructing" this week.. two guys got the axe that had worked for the bank for over 10 years.

 

 

I tried to volunteer for a severence package, but it was a no go...

 

sorry to hear that Kyyle.

[Steff]

kyyle.. that sucks.

 

 

Kinda related.. the Trib announced they are cutting about 100 jobs. Circulation is down.. hehe.

[kapkomet]

kyyle - good luck. You should find something ok in this market.

[southsider2k5]

kyyle.. that sucks.

Kinda related.. the Trib announced they are cutting about 100 jobs. Circulation is down.. hehe.

 

LMAO. Circulation is down because they quit lying about how many newspapers they sold...

 

Sorry to hear that Kyyle. Hopefully something works out for you.

[Controlled Chaos]

Sorry Kyyle!!

 

I'm not sure if I can be much help, but I have a friend from high school that has his own mortgage company. I gave his card to some guy once that was looking for a job and when I went in to re-fi, the dude was working there. I remember him saying he was swamped and needed people. Now this was about 3 years ago, so I have no clue where he is now.

 

Barrister Mortgage

 

I really don't know if he can help you or not cause I don't keep in touch with the dude, but what the hell...ask for Jesse Martinez and tell him Ben Ferenzi gave you the info. It can't hurt.

 

Good Luck!!!

[Chisoxrd5]

Sorry to hear that Kyyle...best of luck finding a new job.

 

That is some piss-poor timing too, a week before thanksgiving? Unbelievable...did you get any sort of compensation?

[kapkomet]

Sorry to hear that Kyyle...best of luck finding a new job.

 

That is some piss-poor timing too, a week before thanksgiving? Unbelievable...did you get any sort of compensation?

Most of these beauuuuuuutiful companies time this s*** for November and December. It's really cool. :rolly

[Texsox]

Damn, I was hoping you just bought a new guitar.

 

Good luck in the search. And fwiw, make this getting fired up. Look for something two steps up from what you were doing. This is a great chance to make more money in a better position. You just have to believe that, and set your sights on that.

[RockRaines]

I think you wont have too much trouble finding a gig, luckily you are in a currently flouishing market. I wonder why they downsized?

[Kyyle23]

I think you wont have too much trouble finding a gig, luckily you are in a currently flouishing market.  I wonder why they downsized?

 

Interest rates are going up, the market is not flourishing at all. Thats why they downsized.

[kapkomet]

Interest rates are going up, the market is not flourishing at all.  Thats why they downsized.

Interest rates are going up, yes, but they are still at historical lows. It's going from a BOOMING market to a reasonable market. If they had to cut back already, the company was horribly managed, IMO.

 

There's still a lot out there in the industry, at least as I understand it.

[RockRaines]

Interest rates are going up, yes, but they are still at historical lows.  It's going from a BOOMING market to a reasonable market.  If they had to cut back already, the company was horribly managed, IMO.

 

There's still a lot out there in the industry, at least as I understand it.

Eggg-zactly. Although im happy about my 5.75 that I just got!!!

[Steff]

Perhaps it's just that most have already refi'd. Building is slowing down..

 

Housing Construction Declines in October

MARTIN CRUTSINGER, AP Economics Writer

42 minutes ago

 

WASHINGTON - Housing construction and new building permits were down sharply in October, providing fresh evidence that rising mortgage rates are beginning to cool the five-year housing boom.

 

The Commerce Department reported Thursday that construction of new homes and apartments fell by 5.6 percent last month, the biggest decline in seven months. Applications for new building permits, a good sign of future activity, fell by 6.7 percent, the biggest decline in six years.

 

Analysts said these weaker-than-expected figures, combined with evidence homes are staying on the market longer, indicate the hot real estate market is cooling off.

 

"We are likely to see a steady downward trend in housing activity over the next few months all tied to rising mortgage rates," said Nariman Behravesh, chief economist at Global Insight, a Lexington, Mass., forecasting firm.

 

The fear is that home values have soared to such high levels that a slowing in demand could cause those prices to drop sharply, raising risks to recent purchasers who could end up with mortgage burdens that are higher than the falling values of their homes.

 

Behravesh doesn't see that happening, saying higher mortgage rates "should serve to cool the market down without precipitating any kind of nasty scenario."

 

The National Association of Realtors reported Tuesday that 69 cities around the country saw double-digit price gains during the July-September quarter, compared with the same period a year ago, led by a 55.2 percent surge in the Phoenix area and a 44.8 percent jump in home prices in Fort Myers, Fla.

 

Nationally, median prices for existing homes were up 14.7 percent in the third quarter compared with a year ago.

 

Analysts said as sales slow, double-digit price increases are likely to be a thing of the past as the Federal Reserve keeps pushing interest rates higher to combat inflation pressures.

 

Freddie Mac reported Thursday that the 30-year mortgage rose to 6.37 percent this week, the highest level in more than two years and well above this year's low of 5.53 percent set in June.

 

In addition to the big drop in construction starts in October, the National Association of Home Builders said a new survey showed builder optimism fell in November by the largest amount since right after the Sept. 11, 2001 terrorist attacks.

 

David Seiders, chief economist for the home builders, said he believes sales of both new and existing homes, while still setting records for a fifth consecutive year in 2005, will be down by around 5 percent next year, representing "an orderly simmering down process."

 

But he cautioned that there were risks that the drop-off in activity could be more severe. He said one of the biggest risks is if housing purchased by speculators starts being dumped on the market, causing a glut that will sharply depress prices.

 

In other economic news, the Federal Reserve reported that industrial output posted a solid rebound of 0.9 percent last month, reflecting the end of a strike at aircraft maker Boeing and the resumption of factory activity along the ravaged Gulf Coast.

 

In September, industrial production had fallen by 1.5 percent, the biggest drop in more than two decades.

 

In another sign that the economy is recovering from the hurricanes, the Labor Department said storm-related job losses edged down last week to 19,000, far below the high of 108,000 hurricane-related layoffs recorded the third week of September. Over the past 11 weeks, the number of jobs lost because of hurricanes Katrina, Rita and Wilma totaled 561,400.

 

Overall jobless claims fell by 25,000 last week to a seasonally adjusted 303,000, the lowest level since mid-April.

 

The October decline in housing , which pushed the total to a seasonally adjusted annual rate of 2.01 million units, reflected a 3.7 percent drop in single-family building and an even bigger 11.7 percent decline in multifamily construction.

 

By region, construction starts were down 10.8 percent in the West, 10.5 percent in the Midwest, 7.5 percent in the Northeast and 0.5 percent in the South.

[kapkomet]

2.01 million annual units is still a DAMN strong housing market.

[Steff]

2.01 million annual units is still a DAMN strong housing market.

 

 

However..

 

"... reflected a 3.7 percent drop in single-family building and an even bigger 11.7 percent decline in multifamily construction.

 

By region, construction starts were down 10.8 percent in the West, 10.5 percent in the Midwest, 7.5 percent in the Northeast and 0.5 percent in the South.

 

That's a strong decline.

[kapkomet]

However..

 

"... reflected a 3.7 percent drop in single-family building and an even bigger 11.7 percent decline in multifamily construction.

 

By region, construction starts were down 10.8 percent in the West, 10.5 percent in the Midwest, 7.5 percent in the Northeast and 0.5 percent in the South.

 

That's a strong decline.

Two things factor into that. One, it's getting ready to be winter. Two, yes, the rates are going up, but the month before was the largest EVER construction starts. So it's all relative.

 

The market's still strong. It's not on fire like it was just a few months ago, but it's still strong.

[Steff]

Two things factor into that.  One, it's getting ready to be winter.  Two, yes, the rates are going up, but the month before was the largest EVER construction starts.  So it's all relative.

 

The market's still strong.  It's not on fire like it was just a few months ago, but it's still strong.

 

 

 

We have record household moves scheduled for the month of December. Up over 13% from last year interstate and 9% intrastate.

 

 

Last month was the largest ever...??

 

"The Commerce Department reported Thursday that construction of new homes and apartments fell by 5.6 percent last month, the biggest decline in seven months. Applications for new building permits, a good sign of future activity, fell by 6.7 percent, the biggest decline in six years."

 

 

Maybe August was ...?

[kapkomet]

We have record household moves scheduled for the month of December. Up over 13% from last year interstate and 9% intrastate.

Last month was the largest ever...??

 

"The Commerce Department reported Thursday that construction of new homes and apartments fell by 5.6 percent last month, the biggest decline in seven months. Applications for new building permits, a good sign of future activity, fell by 6.7 percent, the biggest decline in six years."

Maybe August was ...?

I might have my months mixed up, but we are falling back from all time highs, was my point.

[Steff]

I might have my months mixed up, but we are falling back from all time highs, was my point.

 

 

 

As was mine, dork.

[LosMediasBlancas]

Our parent company is downsizing from 54 branches to 40 branches.  Today.  We were told last night, at 7 PM.  I am currently cleaning out my desk(oh so fun) and scrambling to put together my resume. 

 

Anyone know of any jobs available in the Mortgage industry?  I have experience.....

 

This f***ing sucks.

 

They gotta get you off the books before '06 eh? Ya gotta love getting canned before the Holidays.

[WilliamTell]

Sorry to hear about that. Losing your job is no fun.

[Queen Prawn]

Best of luck getting a new job. My cousin works at Wells Fargo doing mortgages (in Des Plaines somewhere) - I know when he started there he mentioned they were doing some serious hiring, but that was just shy of a year ago.