Dear Real Estate Industry Shysters,

Uncle Sam is looking for you

Today's Best Sonoma Housing Bubble Reader Search:

Domain Name: icz.gov (United States Government)
IP Address: xxx.xxx.x#: (U.S. Department of State)
ISP: U.S. Department of State

Referring URL
Search Engine: google.com
Search Words: "real estate fraud" investigative reporter


Dear Uncle Sam,

You will find those you seek working at McDonald's.

‘It’s a whole new world,’ said Guy Schwartz, a branch manager with San Ramon-based CMG Financial Services, whose products include home loans. ‘We’re hunkered down for a cold winter. We’re not sure when spring will arrive.’”

“CMG is far from alone. Ownit Mortgage Solutions filed for bankruptcy. Mortgage Lenders USA Inc. has ceased operations. Countrywide Financial Corp. has retrenched and chopped jobs. EquiBanc Mortgage ceased operations in January. Mandalay Mortgage exited the wholesale mortgage business.”

“A number of Bay Area residents who have worked for a long time in the financial side of the housing market are concerned about the severity of the slowdown.”

“CMG has been forced to respond to the slowdown by cutting its overhead. ‘We have cut staff,’ Schwartz said. ‘Loan agent assistants, loan processors, branch support people. We are down to the core and are trying to keep it lean.’”

"‘This is worse than I’ve seen it before,’ said Judi Ott, a San Ramon resident who has worked for a number of years in the design studio of an East Bay home builder. She was laid off in June. Ott said, ‘I didn’t really get any interviews. Everyone I talked to said they were laying off. Nobody was hiring.’”

“Ott found a job with a mortgage company. ‘It’s not hard to get a job with a mortgage company because they put you on straight commission,’ Ott said. ‘It’s just hard to make any money. It’s a bad time of year to get into it. It’s a bad time with the real estate economy. It’s just a bad time for this business.’”

“That’s an assessment shared by Akiko Davis, a Dublin resident and loan processor who has been laid off and is looking for work. ‘It’s very difficult,’ Davis said. ‘The companies are getting very picky. It is getting harder and harder to find jobs.’”

“‘It has slowed down tremendously,’ said Indira Winesberry, a San Francisco resident and senior loan processor. ‘During the busy times, I could get a job in two days. I haven’t even had a call in three weeks. I’m working as a real estate broker right now, but I haven’t even received any calls for that.’”

“There’s a lot of speculation about where the housing market is headed. Dave Hennigan and the company he works for, Home Center Realty, don’t have the luxury of waiting to see how the story will play out. They need to make a living now, and they’re betting that things are going to get worse. Maybe much worse.”

"The roster of agents has sunk to 52, only about half of whom are active. ‘The rest are looking for side jobs at McDonald’s,’ said Home Center President Jason Bosch. ‘It happened overnight.’"