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Rajiv
11-19-08, 02:58 AM
Sex, Lies, and Subprime Mortgages (http://www.businessweek.com/magazine/content/08_47/b4109070638235.htm?chan=magazine+channel_in+depth)




http://images.businessweek.com/story/08/370/1113_mz_underbell.jpg

http://images.businessweek.com/mz/08/47/0847_underbell1.jpg

It may seem like ancient history now, but not long ago the mortgage industry was turning ordinary people into millionaires. One of them was Sharmen Lane, a high school dropout who, like many other young women during the boom, found her way into an obscure banking job with the clunky title "mortgage wholesaler." Her experience—and the experiences of other wholesalers like her—offers a glimpse into the recklessness and indulgence that drove the industry to ruin.

The rise of mortgage wholesalers from grunts to rainmakers is one of the more curious developments of the housing bubble. Wholesalers work for banks and other lenders. The wholesaler's job is to buy loan applications from independent mortgage brokers so that lenders can turn them into loans. Wholesalers are paid on commission: the more loans they generate, the more money they make. During the housing boom, lenders typically approved the loans and then packaged them into securities. That path—from mortgage brokers to wholesalers to lenders to securities—turned out to be a road to disaster.

But as the housing bubble inflated, wholesalers—though hidden from public view—became high-earning superstars. Lane, a manicurist before joining now-defunct subprime lender New Century Mortgage in 1997, says she brought home $1 million in 2002 and $1.2 million in 2003.

Eventually the deal-making turned frenetic. Multiple wholesalers began inundating mortgage brokers with offers for the same applications. Some brokers chose to exercise their power by asking for something extra in exchange for their business: sex.
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c1ue
11-19-08, 09:37 AM
I don't know if this is just coincidence, but I remember going to a party at an invitation from one of my wife's friends, an Xmas party thrown by a local mortgage shop.

I distinctly remember thinking: What a collection of California Cut n Paste wenches!

There was enough silicone there to produce half a dozen humanoid dolls...from the 2 dozen or so humans.

D-Mack
11-25-08, 04:24 AM
I don't know if this is just coincidence, but I remember going to a party at an invitation from one of my wife's friends, an Xmas party thrown by a local mortgage shop.

I distinctly remember thinking: What a collection of California Cut n Paste wenches!

There was enough silicone there to produce half a dozen humanoid dolls...from the 2 dozen or so humans.

You can have silicone breasts and leave the mortgage business
http://blog.adultdvdtalk.com/podcasts/sunrise-adams-aee_2007.mp3