As I alluded a couple of days ago, I've hit some bumps in my life lately. Probably the biggest issue facing me right now is my loss of a job.
I am (used to be) a mortgage broker. I started in the mortgage business over5 years ago. At that time everyone told me I was crazy, the bubble had burst and the housing market was going down, fast. I didn't really listen to any of the naysayers, but I started focusing on what we call "subprime" borrowers. First of all, the payout was better, and second, I figured that if we really were in a recession that field would be the one that would expand.
Well, they say timing is everything and I had great timing on that. I started making money. Lots of money. More money than I ever expected. The market for subprime got stronger and stronger, and the lending standards became looser and looser. Things have been great for almost all of the 5+ years i've been in the business.
My wife, Jenna, came from money, her family has always had plenty of it. I, on the other hand, did not. I've got to tell you, I enjoyed all the nice things that all that money was giving us. Great cars, expensive dinners, Hawaii, Bermuda, Costa Rica! New clothes all the time. I really thought it would last forever. I enjoyed my life, and I mostly enjoyed my job.
Then about a year ago, the real estate party started to slow down. We had seen it slow before, and didn't think about it too much. But it didn't get better - it got worse. Last fall, things really started to get bad. Nothing was selling, and to make matters worse, the banks started getting picky on who they would lend to.
My company had geared up for big-time growth, and the business was shrinking. Heads started to roll. Fortunately, I was fairly senior by that point, and I was safe. Coming into work each day was painful, but at least I was working. Then in January, I got the news. I wasn't getting fired - the company was bust. We closed the doors for good and I was out of a job.
At this point, the entire industry is in big trouble. There are hundreds of people just like me, scrambling for a new job in an industry that is firing, not hiring. I'm pessimistic to say the least.
Fortunately, we are in good shape financially. We've saved some, and about 6 months ago Jenna inherited a lot of money in the form of a trust fund. It's funny, now she is the financial provider for us, not me. That takes some getting used to, for both of us.
