Wall Street Journal (03/19/08) P. B1; Hagerty, James R.
Mortgage Bankers Association chief economist Doug Duncan says real estate finance jobs dropped to 365,000 today from 505,000 in October 2006, and he expects another 15,000 jobs to be lost by the time the market hits bottom around mid-year. In response, mortgage brokers and loan officers increasingly are changing jobs—many of them becoming foreclosure counselors at nonprofit organizations. The federal government has earmarked $180 million for foreclosure counseling this year, with another $25 million set aside for the upcoming fiscal year. Bruce Marks of Boston, Mass.-based Neighborhood Assistance Corp. of America believes that mortgage brokers' commitment to eliminating obstacles that block transactions make them well suited for a job that requires perseverance in getting refinances or loan modifications approved. However, critics argue that mortgage brokers and loan officers should not play a role in foreclosure counseling, as they are viewed as the people who helped to put struggling homeowners in the position they are in today.
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