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Article: Employment: As Recession Threatens, Banks Shed Mortgage Jobs: Risk-and wealth-management hiring is strong.
- Article from:
- Banking Wire
- Article date:
- February 5, 2008
- Author:
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The last time the job outlook for mortgage bankers was this dismal, George Bush had just been elected presidentthe Bush whose vice president was Dan Qualye.
Most lenders turned into workout specialists in the late 80s, says John Meeks, president of Vedior Professional Services, who says the current downturn in mortgage business resembles another bleak period two decades ago, when commercial and residential real-estate woes led to recession and the savings and loan crisis. There was a dramatic turndown in the national banking business and real-estate lending he says. This downturn is similar and it ties directly into the mortgage business.
While ...