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Well -- Renaissance could be coming to the motor city.
After Yahoo! announced it was laying off 2000 employees several Detroit businesses like Quicken Loans for example decided to go after Yahoo!'s raw talent.
Joining me now put -- on CEO Bill Emerson walked into the show belt.
Why are you going after yup it's -- in particular want them.
Well first of all up from the folks at Yahoo! that were laid off are our best wishes go out to them any -- like that happens obviously it's a tough situation but.
For -- it's just an opportunity to go out and talk to folks that are in a creative environment technology based environment.
Took -- loans really as it is to cut the mortgage company but it's a technology company that happens is do mortgages so we have a lot of technology opportunities.
In the city of Detroit we have created.
Really a little quarter associated with us start up companies technology companies.
And there's a real resurgence happening in the city of Detroit around technology so we think about the opportunity to go out and talk to some folks that might be looking for -- new employment we thought.
Why not why not reach out to folks that -- they got laid off from now who would say do you want to come check us out.
Come see the city of Detroit see what we have going on here and we took an idea that started on Friday.
Became a concept that rolled out on Monday and that's what can happen in the brain economy that's what can happen in a technology related business.
How do you convince them to -- Palo -- -- you got a job are coming up in Palo Alto but how do you convince them.
To relocate themselves and their families to Detroit when you've got the Bay Area the San Francisco Bay Area and Silicon Valley at 3% unemployment right now how do you make the case for Detroit.
-- so first of all it's an opportunity right I mean anytime -- you've been laid off there's an opportunity perhaps of one of the -- but perhaps of one in the city of Detroit in the way we look at Detroit.
Is you have an opportunity to really impact the outcome of a great American city.
-- there's a lot of things that are shifting and changing in the city of Detroit and if you're someone who's creative.
You want -- affect the outcome you want to impact the great American city.
You have a much better opportunity to do that in a city like Detroit and you do whatever city -- -- -- from Cisco because there's so much opportunity in Detroit.
And I think what happens is people just have a perception of Detroit they haven't been here they haven't seen what's going on they -- and kick the tires.
And what people come in and see what's happening and see what.
You know what's evolving here in the city and what we're doing with the creation of technology jobs they get really excited about it and they see the chance to impact the outcome and that's what we're just try to give those folks an opportunity to see.
OK you've got a website if you -- but -- that but put that up -- valley to Detroit dot com to leave Silicon Valley come -- -- but you know.
You mentioned that basically kicking the tires -- mean that the auto industry is what has been what are the main crux is of the suffering that we've seen in Detroit not just in.
The jobs market but also in the housing market you are the CEO picket lines like got to ask you -- about housing right now get thirty billion loan volume in 2011 -- substantial part online company like you.
Where are we in housing right now mortgage rates have -- bubble -- how you feel bill.
Well I think mortgage rates are still really really really Loman if you think about it there are still on a thirty year fixed for a quarter -- rates for a half without turning points so.
A tremendous opportunity to refinance we're seeing a lot of volume.
Coming through our doors for folks who want to refinance.
You know as as the housing market in general and home sales I think that's still challenged home prices are still challenge for the still a lot of work that needs to be done there.
What there's plenty of opportunities for people that if they wanna move and -- wanna buy a house you can get a great price on a home -- if you want to refinance clearly there's still opportunity to do that.
And with the government program rolling out called heart.
And and the ability to help folks that are underwater -- still big opportunity there for us to help people.
Bill Emerson Quicken Loans CEO they'll come back any time break out on the show that.
It's great to be.
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