Comments on: Countrywide Layoffs Gear Up

By: Cousin Brucie

Cousin Brucie — Sun, 28 Oct 2007 16:02:42 +0000

Would enjoy hearing more on this Stamford situation. Have they closed their doors yet? Has a date been determined?

By: Rissa

Rissa — Thu, 11 Oct 2007 00:53:10 +0000

Full Spectrum Lending/Countrywide, “consolidated” all the branches in CT to Farmington. Most of the sales force in was terminated including upper management (BM’s and the RVP). The reorganized Farmington branch will accomodate about 28 sales people – total. Stamford is still in operation but they will be out the door soon. tic toc

By: musixbox

musixbox — Thu, 27 Sep 2007 13:08:46 +0000

hi ann,
You coment that most of the fraud is done by mortgage brokers is crap. I own a broker shop and I can not tell you how many times other companies that are “lenders” commited fraud to get loans done. I would quote an alt-a or subprime borrwer borrwer a 7 or 8 percent rate and low and behold they got a better rate. these lender write and package there own loans and sell them off. And they put what ever they wanted in the package to get it done. The main problem during the refiance was not lighter restrictions on loans and BROKERS. It was following the UNDERWRITTING guidelines of those less restrictive loans. It didnt happed. I have not heard of a mortgage broker having 20,000 people laid off or having a 4 million dollor class action law suite for taking advantage of a consumer. HAVE YOU?

By: Countrywide Lays Off at Specialty Lending Group

Countrywide Lays Off at Specialty Lending Group — Wed, 26 Sep 2007 17:46:08 +0000

[...] information on the size of the layoff please let me know. This seems to be right in line with the Countrywide layoff plan, and Mozilo’s comments that Countrywide “is out of subprime.” If [...]

By: Jeremy

Jeremy — Fri, 21 Sep 2007 14:53:29 +0000

There is a Full Spectrum underwriting center in Columbus, OH. I can’t personally confirm this, but I have heard from former employees of that location, as well as some friends at Countrywide WLD that they are shut down.
What I noticed in my time at Countrywide is that they were not always a trend setter in the market. They evaluate and react. Love it or hate it, it has worked for their upper management. Now the regular workers, I guess there story is yet to be told. Are more layoffs on the way?

By: Herb

Herb — Fri, 14 Sep 2007 16:04:19 +0000

I reside in Calabasas, California right by Countrywide’s legal department and main office. My friend who works in CW’s IT department told me she has a list of 800 computers to disconnect between offices in Thousand Oaks and the San Fernando valley! This is huge being that she’s been with the company for over 10 years.

Boo-Yah!

By: Morgan Brown

Morgan Brown — Fri, 14 Sep 2007 15:24:58 +0000

Owen – hit me up with an email if you have more details please. morganb@gmail.com.

Herb – I agree, fraud occurs at any origination channel. Retail included. I have seen CW good faith estimates with a 3 point buy down where the LO told the customer that money was going toward paying off bills. What a joke. However, I do imagine that any move inside seems more copacetic to secondary investors – which is the group that needs to be wooed back to the table right now.

By: Owen

Owen — Fri, 14 Sep 2007 06:55:17 +0000

We have heard rumors that CW will be closing down 35 branches nationwide in their Full Spectrum Lending Division on Friday

By: Herb

Herb — Fri, 14 Sep 2007 04:49:22 +0000

Very interstine comments being that I’m a licensed loan officer and worked both sides of retail(at Countrywide) and wholesale mortgages! I must tell the internet public wholesale lenders are weeding out bad broker offices and only retaining broker’s in good standing “A paper only.” Retail isn’t as clean as most people would think and I never seen the police show up at a brokers office but while working for Countrywide the fraud police showed up twice in a 2 year period! I do not deal in subprime so the whole meltdown ordeal was predictable from the start in my eyes. Look on Wall Street and the #1 lender is leading the pack in “real estate owned from the foreclosure market.” Unlicense loan officers, so called broker’s mainly working under a “California Funding License (CFL), people who wanted a house (subprime borrower’s) to impress their peers, and greedy realtors are to blame! Last, I’m a computer geek first, financial planner second, and a license loan officer for 5 years who seen it all. be good to each other!

By: Ann

Ann — Fri, 14 Sep 2007 00:40:14 +0000

Statistics have shown that brokers did 40% of the business and generated 90% of the fraud leading to this “back of” mentality of Wall Street. It would only make sense that in order to jump start the secondary market that Banks will have to step in, do the loans, giving assurance to Wall Street that certain guildlines have been meet allowing for much lower “risk” of the packages securities.