The latest news on this change — carefully culled from the world wide web by our change agents. They do the surfing, so you don't have to!
When the Mortgage Crisis Hits Home
You’re not the only one who is affected by a bad job market and a rough economy. Thanks to the sub-prime mortgage meltdown, a number of people working in real estate and mortgage industries have lost their jobs…and their careers.
Take Kent and Mysti Cope from San Clemente, CA, for example. They both worked in the sub-prime mortgage industry and lost their jobs when the bubble burst. Now they are struggling to cover bills of more than $10,000 a month on an unemployment check of $450 a week. They’ve spent all their savings and cashed out their 401k, and even if they wanted to sell their home, they probably couldn’t because the market is so weak.
Even though the outlook is pretty bleak, they have found ways to make do, such as buying a cheaper car and eating at home. The Cope’s are finding ways to make a living by starting a new business, but they say that all the attention the sub-prime collapse has gotten in the media has meant that their resumes are working against them. But still, they admit that it’s better to lose your job and collect unemployment then working for a commission and not being able to close a deal, as other colleagues are experiencing. [CNN]