CNN have reported that there were 90,000 mortgage industry job losses in 2007, I know of one of them, my old room-mate in Chicago Maurice Mulroe. He is a father of two and was in the industry for a decade, then one day he walks into work and out of the blue is told to go home ‘it’s over’. It took him 7 months to find another job that his skillset could qualify him for, and even low paid jobs were being hotly contested by the new wave of skilled redundancies.
Often redundancies are in industries that are mainly unskilled or manual but the Mortgage Crisis in the US has put people with college degrees, years of expertise and experience out in the cold, and that was part of what gave early January’s increase in the unemployment statistics.
The same thing has happend (albeit to a lesser degree) here in Ireland, Fresh Mortgages entered the market during 2007 and they were a good bunch of people, good at what they did too but then they …