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O.C. mortgage company hiring 200

March 13th, 2009, 6:05 am · 26 Comments · posted by John Gittelsohn

Kondaur Capital Corp., an Orange company that trades in "scratch & dent" mortgages, plans to double its headcount to 400 people by June 30, said Jon Daurio, chief executive officer.

Daurio, who co-founded Kondaur with John Kontoulis in 2007, says he is looking for people with experience in consumer finance to help his company work with home owners and note holders of mortgages that are in default, foreclosure, underwater or otherwise depreciating in value.

Kondaur purchases the mortgages at a discount and plans to liquidate them at a profit within six months after working out loan modifications, clearing the title or using other strategies to return the property to market. Kondaur currently has more than 2,500 mortgages under management worth about $600 million. Private equity partners have offered it up to $1 billion in financing for future acquisitions, Daurio said.

For information call 888-566-3287 or go to the Web site at www.kondaur.com

To see an interview with Kondaur''s CEO, CLICK HERE.

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 26 Comments

  • fedupinoc says:
    March 13, 2009 at 7:35 am

    Hmmmm a mortgage banker who wants to sell and make a profit....boy does this sound familier. Greed is what got us in this mess in the first place....greeding mortgage workers. Well you certainly have a lot of greeding financial people with mortgage experience to choose from. Take your pick....They're all driving around OC in Escalades and Mercedes and driving up to they're remodeled or brand new homes

  • jd says:
    March 13, 2009 at 8:58 am

    The point is, ladies and gentleman, that greed -- for lack of a better word -- is good.

    Greed is right.

    Greed works.

    Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.

    Greed, in all of its forms -- greed for life, for money, for love, knowledge -- has marked the upward surge of mankind.

    And greed -- you mark my words -- will not only save Teldar Paper, but that other malfunctioning corporation called the USA.

  • Cool D567 says:
    March 13, 2009 at 9:13 am

    Yeah, the greed in Wall Street sure helped the major banks. Greed and fear make the markets so extreme and cyclical, but it's in human nature, so it'll be here to stay. Regulation in the right places should help to prevent disasters like the one we're facing right now.

  • Jc says:
    March 13, 2009 at 9:13 am

    And there we go again....The same people whom created the mess, now wants to keep going withe same "music" all over again.Trying to make you belive that the they are helping you.

  • fcprop says:
    March 13, 2009 at 9:13 am

    Any idea what kind of jobs?? There website lacks any info.

  • fcprop says:
    March 13, 2009 at 9:14 am

    Any idea what kind of jobs?? Their website lacks any info.

  • nicetry says:
    March 13, 2009 at 9:18 am

    You do know this is the guy from New Century Mortgage, don't you? The subprime joke that collapsed 2 years ago....

  • newportbob says:
    March 13, 2009 at 9:27 am

    Do your home work people. Ever heard of Ameriquest?

    http://www.ocregister.com/articles/mortgage-subprime-industry-2011770-last-lending

  • newportbob says:
    March 13, 2009 at 9:31 am

    Jon Daurio is a former Ameriquest executive who founded subprime lender Encore Credit Corp., which was bought in 2006 by Bear Stearns Cos.

  • rants says:
    March 13, 2009 at 9:41 am

    yeah- telemarketers that make minimum wage plus commision
    funny how they left that part out of the article

  • imacob says:
    March 13, 2009 at 9:42 am

    After reading this article about Kondaur Capital, the hair on the back of my head is standing up! I feel a need to say, 'Here we go again!' Is this guy related to the guy that just pleaded guilty to the Lamborgini scam?

  • JadedintheOC says:
    March 13, 2009 at 10:04 am

    What did you expect? This is still a capitalist country the last time I checked.

  • LN says:
    March 13, 2009 at 10:09 am

    If you don't want to work there, don't work there. If it's worth it to someone else to work there for what they are willing to pay, they will. That is part of the free market. If employees are good enough to command a higher salary somewhere else, they can move on (if they want.) Either the co. hires new less experienced employees they can pay less, or must raise their salary to get the employees they want.

  • hwood says:
    March 13, 2009 at 10:22 am

    WHY ARE U GUYS SO JEALOUS THAT SOMEONE MAKES MONEY. IF PEOPLE ARE DUMB ENUFF TO DO BUSINESS WITH HIM THATS THEIR FAULT. OTHERWISE INSTEAD OF COMPLAINING GO MAKE A BUSINESS OF YOURSELVES
    GO LONG STOCK SYMBOL FAZ AT 41.50 IN THE STOCK MARKET THAT WILL MAKE U SOME MONEY SHOULD HAVE 15 TO 25 POINTS IN IT...

  • Mark W says:
    March 13, 2009 at 10:38 am

    This is similar to Pennymac with the former executives from Countrywide running the show. These businesses are helping to stabilize the housing market (and the economy overall) by taking these bad loans off the books of these banks. It's also helping the homeowner that is facing foreclosure. It's too bad that these people that we hold partly responsible for the housing market crash profited when the market was going up but is also profiting when the market is going down. Such is life in a free market capitalistic society ~

  • Dan HB says:
    March 13, 2009 at 10:44 am

    jd-If you had inserted competitiveness for greed I would have agreed with you. But even now you don't get it...
    Greed is avarice.
    Greed is gluttony.
    Greed is "I can still look at myself in the mirror because it's my mirror and guess what...my mirror is bigger than your mirror."
    When greed becomes respected or even accepted, it is a system destroyer. Competitiveness is a system builder.
    I'm not saying the people offering the jobs are greedy; I'm just saying you're wrong.

  • nicetry says:
    March 13, 2009 at 10:52 am

    Jon Daurio- Ameriquest
    John Katoulis- New Century

  • Dan HB says:
    March 13, 2009 at 10:54 am

    jd-If you had inserted competitiveness for greed I would have agreed with you.
    Greed is avarice.
    Greed is gluttony.
    Greed is “I can still look at myself in the mirror because it’s my mirror and guess what…my mirror is bigger than your mirror.”
    When greed becomes respected or even accepted, it is a system destroyer. Competitiveness is a system builder.
    I’m not saying the people offering the jobs are greedy; I’m just saying I disagree with you.

  • King says:
    March 13, 2009 at 10:58 am

    This is a good thing! We need the markets to clear. We need mortgages to be discounted and modified and prices to come down. This company has figured out a way to help facilitate the market correction and make some money from it. I have no problem with it. The free market will be more efficient at clearing the market than the government ever will. If they buy your mortgage and you don’t want your loan modified - then pay it off. If you can’t pay it off, then go to foreclosure. Once they foreclose on your home, they will likely drop the price and sell the property. Either way, this helps the market correct, modifies overleveraged mortgages, and brings prices down to affordable levels. In the end, it’s good for all participants.

  • BlessYou says:
    March 13, 2009 at 11:31 am

    These asset management companies provide liquidity to banks by taking their bad assets off their books and giving them cash that they can lend out to small business owners or just people. They're doing the job of the governments crappy bailouts, but at the same time, employing people at the company, giving business to appraisers, agents, and contractors; and do a great justice to the homeowners by writing down the balances on their loans, or letting the homeowner pay off their mortgage completely by paying pennies on the dollar.

    You're right, that sounds horrible!! Why would anyone want to stimulate the economy and create jobs!!

  • newportbob says:
    March 13, 2009 at 12:36 pm

    I absolutely agree with people who remind us us that this a free market, capitalism and all, I love it. When someone mentions Rick Warren's name in disdain over his business and huge ''profits'', I quickly remind them he is a great salesman with even a greater product; tickets to heaven. Even, if I know better about him myself it's not me to stop you to spend your money. No problem. I just ask people to do their homework, like wise as I am in the process myself. I made a good living as a home remodeler during the good times. And now I help feed thousands of people, layed off mortgage brokers, senior citizens. and yes homeless people. No problem . I'm very fortunate to serve others and some day I will be hanging your crown molding again! In conclusion, let's be a little smarter next time.
    P.S, If you would like help me feed those less fortunate contact me at our organization Adopt-A-Neighbor. adoptaneighbor@gmail.com

    homework:

    http://www.ocregister.com/articles/food-park-program-2316611-residents-mccu=

  • El Jeffe' says:
    March 13, 2009 at 1:06 pm

    For those of you who know nothing about this company (which obviously most don"t), unlike the predatory nature of the hated mortgage bankers of the world Kondaur is a company with ethics that is actually helping homeowners. They purchase these notes from Mortgage Lenders nationwide for a huge discount. These notes are then sold back to the homeowner at a substantially lower amount of what is owed in most cases. The borrowers are also given the opportunity to apply for the Hope for Homeowners loan which mandates that the rate and principal balance is lowered. So far sounds like a win/win, correct? In the event the borrower cannot be helped, foreclosure, cash for keys, deed in lieu of foreclosure or just selling the note to another investor are the alternative options. In any event, the homeowner usually comes out on top. Of course there is profit to be made! What business can operate without a profit? The fact is they are helping homeowners more than anyone else, including Uncle Sam!!!

    • mid4me says:
      April 9, 2009 at 4:51 pm

      We tried several times to modify our loan with our mortgage company to no avail. They wouldn't return our phone calls or would tell us they would get back to us, never did, and so on and so forth. We filed bankcruptcy literally the day before the auction sale in an effort to stop the foreclosure on our home. We finally acquired a private loan and again, tried to negotiate with the mortgage company as we could now make full mortgage payments for at least two years. But, they would not return our phone calls.

      Finally, in December our mortgage company sold our note to Kondaur. We have tried to contact them, again, to no avail. They want to foreclose our home - period... They know we can make payments for at least two years but still refuse to talk to us. They are not in the business of helping borrowers - they are in the business of foreclosing and turning a quick profit. They are not helping homeowners, at least not this one. I have yet to find any news, anywhere, that states that Kondaur helped homeowners save their home.

  • OC4truth says:
    March 13, 2009 at 1:33 pm

    Well, whatever their background it does sound like common sense for lenders to work with borrowers who are behind with each side giving some to compromise.

    From what I've heard, some lenders had been slow to wake up and do things like this which should cut their losses and also benefit borrowers and the housing market in general.

    It sounds like this is people being flexible rather than hanging on to rigid ways of doing things that aren't working so well now to make the best of a bad situation.

    Although the fact that the 2 guys came from companies that apparently contributed the a lot of the mess in the first place, likely making and profiting from unsustainable loans is troubling.

    But right now it sounds like what is needed to help the mess and make the best for both lenders and borrowers.

  • OC4truth says:
    March 13, 2009 at 1:36 pm

    And I haven't heard that all the money the govt is throwing at the problems are really helping that much. Maybe, but while they said that they could make a profit over time, I wonder if they have the creativity and flexibility to do things like this without the heavy hand of too much regulation stifling needed creativity.

  • Peter says:
    March 19, 2009 at 12:13 pm

    Here we go again. The same old sharks in different clothing. I called to inquire about Certified loan signer vacancies. I couldn't talk with anyone. The receptionist took it upon herself to inform me that no one was needed. If they are employing an additional 200 they obviously need support staff such as notaries and document signers. What is really going on here? Is this a scam and they are using the Register for free publicity to generate interest in their company.
    Maybe the Register should do a story on all the people who cannot get any satisfaction from them when inquiring about a job.
    This is the kind of attitude we saw from their predecessors, Encore, Ameriquest etc. prior to the collapse. These corporations are in-bred, because of the method in which they operate and don't want unknown outsiders to see what is really going on. You will find that most of the people who do become employed are to be "trusted" and are a friend
    or relative of someone already working there.