Wednesday, January 09, 2008

90,000 Mortgage Jobs Lost

Once again the little guy gets screwed while those at the top walk away with millions.
More than 86,000 mortgage jobs were cut in 2007 because of the weakening real estate market, according to a new report released Monday by

Countrywide Financial Corp., (CFC, Fortune 500) the nation's largest lender, shed the most staff in 2007. Net job losses at the Calabasas, Calif.-based lender totaled 11,665, or about 14 percent of all mortgage jobs lost during the year.

The numbers would have been worse, if not for JPMorgan Chase & Co. adding 4,465 mortgage jobs in 2007.
So what have we taught our children as a result of this subprime disaster? We have showed them that those that work at mortgage companies lose their jobs while those who designed and sold loans they knew would most likely never get paid back, earn millions. How is this different than the drug dealer in the ghetto who is looked up to because of his material possessions? We are saying that lying, cheating and stealing will make you rich but getting up every morning and going to work for a fair days pay will result in the loss of a job. Now thats a positive message to send our children. Nice work Wall Street, you once again have shown why strict regulations are necessary.

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