Mortgage employees’ testimonies revealed Trump management style

by Ephraim Vecina03 Mar 2016
When Donald Trump launched his Trump Mortgage venture back in 2006, he dismissed experts’ claims of a major housing crisis looming over the horizon.
“I think the market is very good. We’re going to have a great company. It’s Trump Mortgage and And it’s going to be a terrific company,” he told CNBC at the time.
Trump added that observers are not capable of predicting significant events, and confidently said that the new business would fast become an industry leader. Not a year has transpired, however, when the company folded, reaching only a third of its declared transaction volume of $3 billion.
Then-Trump Mortgage national sales director Jan Scheck said that he was all on board with the famed mogul’s aim of making the nascent company a major player.
“I told myself, ‘This is an awesome opportunity with somebody who is a god in the real estate industry.’ People were buying Trump ties. . . . You have to remember this is the peak of his popularity. Everybody wanted to be Donald Trump. Donald was putting his name on buildings all over the country. I thought this was going to be an awesome opportunity,” Scheck told The Independent.
Scheck said that he rarely saw or interacted with Trump after the inauguration of the company. Along with several other managers, Scheck left Trump Mortgage a few months after, citing disappointment with the remote and ineffectual leadership.
Mortgage seller Jennifer McGovern, who negotiated a commercial property deal for the company and then was promptly fired, said that she never received a $238,000 compensation for the deal.
Records showed that she won a New York State Supreme Court judgement in 2008 that awarded her $298,274 in restitution, but the bill has still not been paid as of press time.
“The company was set up in a way that we could never recover what we were owed,” McGovern, a mother of three, said.


  • by Anonymous | 3/3/2016 11:17:33 AM


    As an independent broker of 18 years, I remember laughing out loud when I heard that he was entering the market in 2006. Same as Denny Hecker, here in MN, who also entered at that time. Both of those guys were so late to the party that the lights were already turned off. Poor business decisions right out of the gate. Drumpf, more than anyone, should know the importance of TIMING. It doesn't matter how great the idea, product, service, or relationship is. If the TIMING is off, it is doomed to failure.

  • by Noneya | 3/3/2016 11:30:05 AM

    Seems like you guys are trying to influence voters. Not sure this is a very smart idea on your part. You might want to stick to reporting on events and issues that have an impact on the current real estate market. Leave the political commentary to the morons in the mainstream media!

  • by History Teacher | 3/6/2016 4:02:37 AM

    Why not influence voters? There are a bunch of people out there convinced that Trump is a success when he was an "ineffectual" leader, and pretty unethical too. Why would you not want the truth to be vetted? 2 bad his blind followers refuse to listen and learn. Just like what happened to Trump Mortgage (and others), it doesn't look too promising for America if he becomes our imperial CEO. He will, of course, blame everybody but himself. I know who I will blame--the idiots who put him in office, those who refuse to learn and insult those of us who do! The more I learn about his so-called empire, the more I think he and it are mere paper tigers built on a name and convincing others he's not full of BS. I bet he didn't count on this vetting to ruin the stellar and largely fictitious reputation he made for himself. What a sham--what a shame. And oh, what the history books will write about us!


Is TILA-RESPA a good or bad thing long term?