This must be happening in mortgage companies across the country. One of my friends is an employee at Opteum, a mid-size repackager of mortgage debt and he was recently (last week) pulled in to a meeting by management. The gist of the meeting was:
You’ve heard a lot about what is happening with New Century, Fremont and others, and you have heard that we are facing a large chunk of buy backs. We may continue to operate or we may be forced to close or downsize. No matter what happens, know that we will let you know ahead of time and you’ll be paid for your work. We won’t just shut down unexpectedly. Thanks for all of your hard work and understanding.
It sounds almost surreal.
Last 3 posts by Morgan
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