Look at his red face. He looks like a raging alcoholic horndog, and "Mysti" reminds me of a ferret.
Posted on 03/31/2008 8:19:59 AM PDT by TigerLikesRooster
Careers vanish after subprime 'free fall'
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.
By Chris Isidore, CNNMoney.com senior writer
March 31, 2008: 5:30 AM EDT
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."
(Excerpt) Read more at money.cnn.com ...
Ping!
With the salary they were making they should have saved.
Sorry, they made a heck of a lot of money, and don’t have anything saved?
Stupid is as stupid does.
*BUMP*!
Kent’s trophy bride quickly became an anchor....
Thats what happens when your money isnt worth the paper its printed on.
And we’ve yet to see how low this is going to go ...
“Kent ... helped give birth to the industry, which specializes in making loans to people with less-than-perfect credit,”
So he gave birth to the monster that ate him.
Breaks my heart. They ought to go somewhere like Las Vegas where half the homes in most neighborhoods are sitting empty. Get a good deal there.
This 59 yo guy just doesn't getit.
He & his ilk built the castle of sand and now, bitch it's crumbling?
...a 5-Star imbecile.
I don’t believe that Mysti Kent can’t find a job. She should streamline her resume, call headhunters, and look for a job as an executive assistant. She could get a job like that that pays about 80k base, plus great benefits, and bonus. The problem many “executives” have when they lose their jobs is that they walk around with “executive” resumes and wonder why they aren’t getting job swith the titles and salaries they used to have. Since the husband in this case is home anyway (and can take care of the 11 year old after school), Mysti should drop her unrealistic expectations and HUSSLE. There are always jobs out there...as long as you don’t let false pride get in the way.
Kent and Mysti need to sell the Beemer, down-size the house, take the first job they can get and begin working their way up again. And quit whining.
“And they’ve made cutbacks: trading in Kent’s Corvette for a Suburban and getting rid of the gardener, for example.”
Awwww....how sad.
They had to trade in the vette and lose the gardener.
80k? Why not 40k? I am sure she could work if she wanted to. My guess is that there are few executive jobs open for her.
Precisely what I thought when I read it too about the gardener.
And trading in a Corvette for a Suburban isn’t really “cutting back”. Cry me a river.
According to the article they have expenses of $187,200/year. ($450 x 8 x 52). They should be driving a Hyundai, not a Suburban.....that is, if they are serious.
Today, they’re trying to get by on his unemployment benefits of about $450 a week, which covers only about an eighth of the basic payments they owe every month.
Look at his red face. He looks like a raging alcoholic horndog, and "Mysti" reminds me of a ferret.
"What do you want to do for a living when you grow up?""I want to make home loans at high interest rates to people who have no down-payment and can't afford the monthly payments."
"Uh, alrighty then."
Hang in there kids........
I believe O’Bammy will soon announce a “jobs program” for unemployed sub-prime executives.
Carolyn
I hate to see a couple, any couple, lose their jobs and now maybe their home, but the Devil’s in the details on this one.
Mysti’s been without work since May of 2007???!!! Nobody wants her resume because it’s got subprime on it? Nobody? Not Target or the Food Lion? Gimme a break. The woman could be bringing in something and still run her jewelry and beachwear business.
The husband traded in his Corvette and bought... a SUBURBAN???!!! Too good to drive around in a economic Civic or Focus, I guess.
Assuming they could make some more life style changes (like dumping the gas guzzling Suburban), I’ll be they could get by on 8 grand a month - heck they might even have health insurance if they had a job between the two of them. That’s still a lot of money, but not impossible to come up with in a place like Orange County even if your only skill is working hard. Bringing in nothing is inexcusable to me when you live in a part of the country where you could be watching babies, cleaning houses, checking groceries, mowing lawns, etc. Last I checked Orange County wasn’t depressed and there are still people willing to pay for those services.
Then again, he may not.
Yeah, I’m thinking about taking out a loan I can’t afford so I can get a Democrat bail out and help with the payments.
I’ll bet a lot more folks would have taken out loans that were over their heads if they only knew they were going to get help with the payments.
Saw a Rueters article last week that noted the Feds were looking into KPMG for being complicit in New Century’s problems (alluding to fraud and activities not in line with generally accepted accounting principles). I’ll see if I can find a link.
All she's probably worth, along with millions of others employed or previously employed in the "new economy" (debt scam economy).
http://www.google.com/search?hl=en&q=KPMG+New+Century
Carolyn
C’mon, Landru. Do without the gardner? Let’s be realistic . . .
Ahhhh, ummmmmm, you didn't know?
...I *am* the gardener. ;^)
Or, maybe he downs an eight pack and a half a pint of Jack every night.
My give a damn meter is at 0 on this story.
I love how the MSM continues to perpetrate the myth that this was all because these lenders were trying to get people “with less than perfect credit” into their dream homes. Bull Fin $hit!!! It was about housing gamblers with no collateral getting loans from subprime boiler rooms (New Century, Countrywide’s Full Spectrum Mortgage, etc....) backed by wall street money to buy quick flip real estate in bubble markets and those that were profiting off a ponzi scheme that finally collapsed.
I hope the couple in this article are selling oranges on street corners for the rest of their lives. That is if she even sticks around or dumps him for the next OC suggar daddy.
Earth to Mysti and Kent - your home is worth what the market will pay for it...no some bygone amount...my advice is to sell now for whatever you can get and get on with your life...
But surely you don’t expect them to take responsibility for their own actions?? :0)
Reminds me of your typical OC couple on each of their 2nd+ marriages. Mid-life crisis Viagra addict driving a porsche and chasing young blondes. Trophy wife who spends her days shopping at Fashion Island, getting her hair frosted, and working in the real estate business to pretend to have a career. Financially leveraged up to their eyeballs.
Now,what does this story tell you?
Simple:
It tells you that executives in the Sub Prime and other banking fields by extension, really have no marketable skills and are grossly overpaid.
Nothing really ground shaking there.
OC is currently getting a lesson in mark to market. It’s reality time for these clowns who believe they’re “OC royalty”, as I heard a female realtor actually refer to themselves once.
OC Royalty!
yeah and I loved the part where the guy sold his benz for gas guzzlin’ suburban...from the frying pan into the fire...there are a lot of clueless Americans about to get “right sized” Mysti and her new man will soon be livin in a double wide and asking how bout supersizin that order ma’am
These now unemployed who worked in the subprime industry remind me of when the dot com crash happened and you had web developers who where whining because they had been making 200K as a web developer and expected that to continue.
I remember back in 2000 when people I worked with were margining their stock options to buy homes and luxury cars.
Then the stock options worth millions on paper quickly became worthless and they went into financial ruin.
BINGO!
What’s an 8 pack?
Not a chance. Mysti will dump him for some other old geezer with money before it gets that bad.
Mysti better get started quick. Her shelf-life as OC trophy wife is about expired. And to make matters worse for her, there is a whole new set of younger and firmer ones entering the OC wife market every year + factor in all the other gold diggers currently in divorce because their sugga daddies worked in Subprime.
Mysti is about to get a lesson in supply and demand and mark to market herself.
Dude, you're harshing my buzz!!
They ought to put a bounty on them in south county.
she’s not hot...
NEW YORK (AP) -- The U.S. financial industry has been shedding jobs at a record clip, and some analysts predict the pace will only accelerate over the next year-and-a-half as banks cut costs in the face of the housing market slump and the weak economy.
Analysts at the financial research firm Celent LLC said in a report Tuesday that it expects the U.S. commercial banking industry -- essentially, all companies that lend or collect deposits -- to lose 200,000 of its 2 million jobs over the next 12 to 18 months.
...The banking industry is not the only one shedding jobs recently. Manufacturing and construction companies have been laying off workers for a couple years now amid the flagging housing market and weak automotive industry.
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