rant · moment 10 of 21
Accredited Home Lenders Collapses the Day After Cramer's Endorsement
from Tough Love · #3
Audio-only archive episode — no video to seek.
4 minTim recounts how Jim Cramer praised Accredited Lending on TV only for it to collapse into hedge fund Loan Star's hands the very next day, ending his sales job and prompting his boss's ironic "good luck" quote of the day.
- 16:35Tim was on drugs while working as a mortgage salesman but says he was still good at it.
- 16:48His boss hated the sales team—fat guys and a "wany Jew" named Dan—and tried to transform them into alpha males.
- 17:07Dan's mother wrote a letter to the boss because Dan was late one day, when Dan was 26 years old.
- 17:35The boss forced them to listen to motivational tapes from Brian Tracy about sales techniques and overcoming objections.
- 18:30Brian Tracy's pitch: when someone objects on price, ask "compared to what?" to find their frame of reference.
- 19:01The second objection is deeply personal—a fear the client hasn't revealed—and you address it by saying "sir, may I ask what your hesitancy is?"
- 19:21They were sitting in a leaky office with a garbage can catching drips while the company was on the precipice of total disaster.
- 19:32The company got swallowed up in two months, and Tim moved on but remembers the motivational techniques actually worked.