Coping with Job Loss

Homeowners who have defaulted on a mortgage are not the only victims of the subprime crisis. Workers in the subprime mortgage sector have lost their jobs as the industry has crumbled. These workers can find new jobs, but they'll need to be persistent and innovative.

As the subprime crisis pounds the mortgage industry, thousands of its workers have felt the pain. As lender after lender has shut down and filed for bankruptcy, they've laid off countless financial professionals.

When a company closes down, a worker can usually recover by seeking a job with a competing organization. But when a whole industry suffers a meltdown, the competition melts away, as well. However, if you're a professional reeling from the subprime mortgage crisis, have hope. You can find another job, and here are some tips to get you started.
Don't ruminate-innovate

Many people are surprised to learn that the iPod was launched just over a month after the 9/11 attacks. It serves as a lesson that you can make money during recessionary times; you just have to be innovative. The movie business, for example, thrived during the Great Depression. With so many subprime lenders drying up, displaced workers need to show a similar level of innovation, as they look for a job in a different industry.

You may need to "re-package" yourself. Instead of presenting yourself as someone who worked in subprime mortgages, reinvent yourself as a financial professional who's helped people with marred credit. Try blogging about your experience in the financial industry, or post videos on YouTube revealing some of your knowledge. A prospective employer may be impressed by your expertise and your inventiveness.
Hard work is key

Unemployment may be a difficult pill to swallow for someone who's enjoyed a ride on the subprime gravy train for the last five to 10 years. The money used to come easy, but now you're going to have to work hard. That includes sending out countless job applications, resumes, and networking like crazy. It could take a lot of time, and will likely include plenty of rejection. Don't be deterred. Keep working through it, and try to remain as positive as possible.

One proven way to keep your nose to the grindstone is to set daily activity goals. Set a number for yourself-such as sending out five applications per day, or making five phone calls per week. These goals will keep you active and help you stay in front of prospective employers.

The subprime mortgage debacle has crushed not only homeowners, but also the people who worked in their service. If you're looking for a job after the subprime industry crash, you'll need to work hard and think creatively. You have great financial industry skills, and now you need to find new and exciting ways to apply them in a drastically changed marketplace. With a little innovation and a lot of effort, you can reinvent yourself, and find the silver lining in these very cloudy days.