banking peeps....

[blksn955.o]

I dont know how many track/follow/work in the bank or finance fields. CHIT is just hitting the fan more and more...and getting rather close to home.

I work in the mortgage industry for Citi. For the most part our practices are very very conservitive and tight (at least in the areas I work). In the last month...even after all the bad news things have really come close to home. With the 3rdQ numbers showing how much was getting moved/lost on the investment paper grade mortgages and possible more to come. Yesterday an emergency board meeting was announced to take place Sun. Speculation is the CEO is going by, by.

I have been VERY fortunate were I work that we are quite busy for how the industry is right now...I could be at countrywide, feel so bad for those people.

Just kinda venting/purging/talking about it as who knows WTF will go down in the storm to come with no CEO, news talks of breakups and other things. I dont expect things to get much better...for a good while but with the madness from the CA wildfires causing a PITA and now this with all the other crap going down. I hope several more heads roll (like 3-4 already have) for this situation in the investment side (were these things seem to be put together for the most part outside the mortgage end).

Any other mortgage peeps out there wanna vent get things out in the open to help with the stress of the BS? Thanks for letting me vent/rant/ramble on.

 

[DDSTANG94]

ya I'm not in the field but i know Michigan is doing really bad right now...its really discouraging..I'm in college right now and cant find a field to go into because everything around here is sooo bad!

 

[blksn955.o]

I work in vendor right now (deal with title and appraisal vendors). Michigan has been hit very hard even before the aug. melt down. So many people that are getting cought in bad situations its no matter who you think is at fault it plain flat out sucks to hear/see.

There is a group up there in Ann Arb. that is part of our group as well. As scary as it is...its a great time to be this involved...just listen, read, watch, and learn.

 

[BSapphire95GT]

im sorry bro...i just left the mortgage industry to work for fidelity...as long as the market is around i have a job might want to try and make that move yourself

 

[WHITE94COBRA]

I'm now doing real estate investments. I still can do loans, but i'm making much more money doing investments.

 

[blksn955.o]

I am not too worried were I am. The wholesale/broker channels are getting most the cutting and I deal with retail. My part of the dept. is my boss and a co-worker that oversee the already outsourced dept.

I am looking at moving to smith barney in may, high end clients are not going to slow down when the market gets cheap. Honestly, we are busy now.

The market side is were the issue is with the company or at least the losses from this cut it up investment mortgage backed securities. That is more with over reaction to the whole lineup (sub-prime or not)...if it has the word mortgage people only see morte'.

The stock is starting to rebound for now, its more investor fear and lack of sight at to what the company really can do. There is going to be some big losses like said in the media and 11billion is alot but remember the compay has 2 trillion 4 hundred billion in assets. If you read the news one thing I have noticed is really only 2 banks have come out and put some glimpse of the truth out there (Morgan, and C) and have been beat to death. I would wager there is just as much loss not being reported from those keeping there mouth shut...aka...BoA...you know they love debt but want this time to say "we are bigger than citi in the US". Its going to be intersting what the 4th qtr brings. I am also wanting to see what the old lane peeps do for the investment arm of Citi...

I just hope they dont take the crazy invester babble to litteraly and break the company up. Did you read the wall street article that really made some good points too not break up the compay?