Subprime Salesmen Now Refinance Experts

By Mat Probasco,  Newser Staff
Posted Jul 20, 2009 7:38 AM CDT
Subprime Salesmen Now Refinance Experts
Subprime mortgage lenders have "flipped the script" and are now advocating for lenders, for a price.   (AP Photo/Mel Evans, file)

The market for subprime mortgages may have dried up, but former salesmen have found a new calling: as loan modification advisers who help clients refinance the high-risk loans they used to sell, reports the New York Times. For a fee of around $3,500—the bulk paid upfront—former subprime marketers now offer to negotiate lower payments for the now-delinquent homeowners who snapped them up.

“We just changed the script and changed the product we were selling,” one former subprime mortgage salesman, who now helps clients renegotiate, tells the Times. “Now, we’re able to help you out because we understand your lender.” (Read more subprime crisis stories.)

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