Marc's Mortgage Matter's

September 1st, 2008 11:15 AM

As if we didn’t have enough to worry about, folks are becoming aware of, or being reminded of, U.S. and European banks loans coming due. Soon they will be expected to pay off hundreds of billions of dollars of debt coming due. Apparently in 2006, banks issued a large amount of floating-rate two-year notes to borrow money. A big chunk of those notes will come due over the next year or so, at a time when banks are struggling to raise fresh funds. It may force banks to sell assets, compete heavily for deposits and issue expensive new debt. Great.

At least rates are low, right? U.S. Note yields are the lowest they’ve been in three months. Unfortunately for us who don’t make a market in Treasury securities, but are more concerned about mortgage rates, derivative security yields are showing that banks are becoming more hesitant to lend. U.S. economic activity decreased in July, according to the Federal Reserve Bank of Chicago , and the numbers being bandied about are scary: losses and write-downs on securities related to subprime home loans now exceed $500 billion at financial institutions worldwide (according to data compiled by Bloomberg).

 

Supervisors in mortgage banking often struggle with how to phrase that letter of recommendation for that fired employee. Here are a few clever suggested phrases I've culled from various sources:

For the chronically absent: "A man like him is hard to find." Or "It seemed her career was just taking off."

For the office drunk: "I feel his real talent is wasted here." Or "We generally found him loaded with work to do." "Every hour with him was a happy hour."

For an employee with no ambition: "He could not care less about the number of hours he had to put in." "You would indeed be fortunate to get this person to work for you."

For an employee who is so unproductive that the job is better left unfilled: "I can assure you that no person would be better for the job."

For an employee who is not worth further consideration as a job candidate: "I would urge you to waste no time in making this candidate an offer of employment." Or "All in all, I cannot say enough good things about this candidate or recommend him too highly."

For a stupid employee: "There is nothing you can teach a man like him." Or "I most enthusiastically recommend this candidate with no qualifications whatsoever."

For a dishonest employee: "Her true ability was deceiving." Or "He's an unbelievable worker."

 


Posted by Marc (Moshe) Preger on September 1st, 2008 11:15 AMPost a Comment (0)

Recent Posts:

Archive:

My Favorite Blogs:

Sites That Link to This Blog:

Marc (Moshe) Preger @ Chicago Bancorp 3606 Quentin Road Brooklyn, NY 11234
Phone: Cell:

Contact Us | About US | Mortgage Late Scores! | Home | Mortgage Calculators | Marc's Blog

Copyright © 2012 Marc (Moshe) Preger @ Chicago Bancorp
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin LoginTerms of UseSite Map