FreedomWide- DEBT CONSOLIDATION, LOWER MONTHLY PAYMENTS, CONSOLIDATE DEBT

Kent and Mysti Cope were well-paid executives at subprime lenders who never thought the industry could disappear overnight. Now they’re just trying to get by.

SAN CLEMENTE, Calif. (CNNMoney.com) — Kent and Mysti Cope met and fell in love working for one of the nation’s top subprime lenders. Now, their life has been turned upside down after the sudden implosion of the subprime mortgage industry.

Mysti was one of the last people out the door at New Century Financial, once the nation’s No. 2 subprime lender. She had been in charge of e-commerce customer service with dozens of employees reporting to her. It was at New Century where the Copes met in 2000.

Kent worked for several of the firms that helped give birth to the industry, which specializes in making loans to people with less-than-perfect credit, in the 1990s. He has been out of work since August when he was laid off by Friedman, Billings, Ramsey Group (FBR) unit First NLC Financial Services.

“We’re still both in shock that it could go from something so good to so bad so quick,” said Kent, 59. “New Century in 60 days went from top of the heap to out of business.”
Read Full Article

Tags: lender, Mortgage News, subprime

This entry was posted on Tuesday, April 1st, 2008 at 5:58 am and is filed under Mortgage Jobs, Mortgage Lender & Broker News, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.