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Confessions of a New Century SubPrime Casualty - Part Two
2007-04-04 23:39:00
I left off as Jeanine and I had discovered our region manager had an open-fly policy. So here he was married, having an ongoing affair with a young woman in our office who without a doubt got more favorable treatment than anyone else and was laughingly held up as an example of success.  And it didn’t stop there.  At least three other women in the time we were there had affairs with our region manager.  Some of you reading this might call this heresy, or maybe retribution on my part.  Call it what you want, it’s the absolute truth and any New Cent ury alum reading this cannot argue that fact.  They wouldn’t anyway. I can only sight the three additional affairs as these are the only confirmed cases.  Credible rumors abounded in our region about numerous other trists that as I look back had put my wife and I right back where we did not want to be.  For those of you who have never been exposed to this kind of environment, it is without doubt a hostile intolerable situation.Â...
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Confessions of a New Century SubPrime Casualty - Part Four
2007-04-04 23:39:00
I never thought I would receive the response that I have when I began writing about the topic of life at New Cent ury.  The subject obviously strikes a chord with a lot of people.  The comments I have received are almost all thought provoking and insightful.  Some people have suggested I submit a manuscript to a publisher.  Others suggest I write more detailed accounts siting actual incidents of fraud and impropriety.  Others focus in on the sexual harrassment issue.  What I believe is most important is to focus on what can be learned and what action can be taken to correct mistakes.  My views on this subject are both simple and ‘out-of-the-box’.  They are ideas that have been forming over time - dating back to the last market shakeout in the wake of the S&L bailout.  But I won’t be writing about these topics in this post.  I’ll leave them for the next one. What I will write about is a subject that nearly everyone discounts or altogether omits when discussing th...
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Confessions of a New Century SubPrime Casualty - Part One
2007-04-04 23:38:00
This post is the first in a series covering my days as an Account Executive at New Cent ury Mortgage.  It also includes some preceding events relative to the story line.  I began this post by jotting down some notes.  As I began to write, I couldn’t believe what I was putting down on paper.  Fraud rings, FBI investigations, abusive brokers, rampant sexual harrassment and favoritism, and way too many other bad memories to list in this first paragraph. As I began to write I also began to question myself.  Why was writing this important enough to take time away from my schedule?  Why would anyone want to read it?  What lesson can be learned?  The answer is simple - and stems from one word.  Greed.  Greed is not good.  Greed is bad.  Nothing good comes from greed.  And if there is one thing I know after spending nearly four years in the subprime lending industry it is this simple truth - in subprime lending greed, before all else, was the underlying doctrine. So let me beg...
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Why I sold…
2007-04-04 23:37:00
In the summer of 2006 my wife and I sold our 3,600 square foot custom home located one block from the beach in Southern California. As a result of the latest real estate boom we, like many people, reaped a substantial gain in selling at the market’s peak. At the time we had purchased the home (four years earlier) we thought for sure we’d be there for at least ten years. But the market kept climbing. Our potential profit continued to grow. And what had been our plan when we acquired the property – became another plan. Ironically, friends and family alike thought we were insane for selling. Heck, real estate would always appreciate. Why walk away from all that equity? We heard it all - you’ll never see rates this low, you’ll be priced out of the market down the road, and on and on. Our decision to sell was driven by a few key factors. Both my wife and I are mortgage industry veterans and had picked up on market signals that are only now being reported in the mainstream media...
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Young SoCal Couple’s Story
2007-04-04 23:37:00
Another web-inquiry on my site http://thefundingshop.com came in today from a young couple looking to buy their first home valued at $294,000.  They have no money down, no money in savings.  The husband’s gross income is $3,000 per month and the wife’s is $1,200.   The husband has been on his job for four months but in his line of work for five years.  The wife has been at her job for only six months and prior to that had not worked. In talking to them I learned that when the wife got her new job she learned that there would be an opportunity to earn bonuses come July of 2007.  At best the bonuses would amount to a mere few hundred dollars per month.  But with this in mind the couple decided it was time to buy a home.  Heck when those bonuses kicked in they’d be sitting pretty. A real estate agent told them that now was a great time to buy and that she could get them into this house with a mortgage payment below $2,000.  The couple had already spoken with one mortgage...
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New Century - thoughts from an insider…
2007-04-04 23:36:00
Wow.  I’ve got people emailing me telling me they’re going to forward my blog to the FBI like its some big incriminating piece of evidence (not for me - for New Cent ury).  I’ve got other people emailing me telling me I’m just as culpable for the subprime mess as the broker who commits fraud or the guys at the top who hid loan losses from investors or maybe the real estate agent who did God knows what to put his deal together.  Well let me say this to anyone listening - ONLY THOSE PEOPLE WHO COMMITTED WRONGDOINGS SHOULD BE HELD ACCOUNTABLE!!!!!!!!!! There, I got that off my chest.  Now let’s talk about New Century.  I was planning on ripping into some of the people I worked with who were obvious offenders in aiding and abetting broker fraud, but I’m going to take a different approach.  I’m going to use logic.  Here I go. It is logical to believe that a certain percentage of Account Executives at NCEN must have known of fraudulent and predatory lending practices b...
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