Skip to: Content
Skip to: Site Navigation
Skip to: Search
TUESDAY, NOVEMBER 24, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


2

Subprime Salesmen Now Refinance Experts

Share

(Newser) – The market for subprime mortgages may have dried up, but former salesmen have found a new calling: as loan modification advisers who help clients refinance the high-risk loans they used to sell, reports the New York Times. For a fee of around $3,500—the bulk paid upfront—former subprime marketers now offer to negotiate lower payments for the now-delinquent homeowners who snapped them up.

“We just changed the script and changed the product we were selling,” one former subprime mortgage salesman, who now helps clients renegotiate, tells the Times. “Now, we’re able to help you out because we understand your lender.”

Subprime mortgage lenders have
Subprime mortgage lenders have "flipped the script" and are now advocating for lenders, for a price.   (AP Photo/Mel Evans, file)
« Prev« Prev | Next »Next » Slideshow

“We just changed the script and changed the product we were selling ... Now, we’re able to help you out because we understand your lender.” - former mortgage salesman Jack Soussana

« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.23.09
Books Are Bad for You
11.20.09
The Health-Care Wars Have Just Begun
2 comments
VIEWING:
 
DJM420
Jul 20, 09 8:27 AM CDT
"now we can fuck you sideways..." Reply
Vote up! Vote down!
+3
wwwonderer
Jul 20, 09 1:10 PM CDT
NOW they can 'help you out'? NOW they 'understand the lender'? I guess you need not understand the lender when getting someone the loan in the first place huh? Reply
Vote up! Vote down!
0
LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

494 Stories

 Goldman Seizes Homes 
 as Securities Sour 




Just getting them to admit they hold your mortgage can be an ordeal

Nov 2, 09 8:21 AM CST
(Newser) - Imagine finding yourself in a foreclosure battle and discovering that your opponent isn't the obscure lender who wrote your insane mortgage, but the formidable Goldman Sachs. It seems that after years of buying subprime mortgages and packaging them into bonds, at a handsome profit, Goldman is now in the business... More »

MORE ABOUT:
housing market • Goldman Sachs • subprime mortgages • Henry Paulson • foreclosure • subprime crisis • mortgage defaults

First Major Financial Crisis Trial Begins

Bear Stearns execs accused of lying as funds imploded

Oct 15, 09 2:43 AM CDT
(Newser) - The first major criminal trial against top Wall Street execs involved in the financial crisis kicked off in New York yesterday. Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin are accused of misleading investors in a desperate attempt to stop them from abandoning the funds, even as they... More »

MORE ABOUT:
subprime mortgages • Bear Stearns • Ralph Cioffi • securities fraud • financial crisis • Matthew Tannin

Watchdog: Feds Need to Expand Foreclosure Plan

$50B plan proving ineffective as more mortgage holders lose their jobs

Oct 10, 09 5:00 AM CDT
(Newser) - The Treasury's $50 billion loan-modification program is in danger of being swamped as the foreclosure crisis accelerates, the Congressional Oversight Panel said in a report yesterday. The Home Affordable Modification Program has met its target of 500,000 trial mortgage modifications started by November 1, but the watchdog warned that... More »

MORE ABOUT:
housing market • subprime mortgages • foreclosure • mortgage • subprime crisis • negative equity • Obama administration • TARP • mortgage modification • underwater mortgage • Home Affordable Modification Program

494 Stories


Business 
TwitterFollow @NewserBusiness on Twitter

 
subprime mortgages • subprime crisis • subprime lender

from our news partners