Tuesday, May 13, 2008

Great Info

I am listening to a podcast by This American Life titled Giant Pool of Money. It is the story of how the Mortgage Crisis happened. It is a fascinating story. When I stopped working and became a cancer survivor, I worked as a mortgage broker. It is a great job, I love it. I have always, in the 7 years that I did the job stayed away from Subprime mortgages. In 2003 - 2005 there was a lot of pressure in my industry to do suprime loans. That is because everyone that should have got a mortgage did. Home ownership was at an all time high and home builders were going nuts building more homes for people to buy. Home values were going up and up and frankly, I became worried that the party would end in late 2003. So I stayed away from risky business and focused my energy on doing a good job for good people. For me that meant that I ethically couldn't go out and find people that could not afford a mortgage and sell it to them anyways. You see if you listen to the podcast, which I really hope you do, lots and lots of people were doing this and making lots and lots of money. I passed up a chance to make crazy amounts of money so that I could count on being in business for a long time doing the job that I liked. I am glad I did.

The podcast is really good go download it now it is free this week and after that you'll have to pay for it.
If and when you do, chime in on the comments if you like.

1 comment:

Anonymous said...

I am very proud of you. You are a quality person.