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For some reason this idea is just amazing to me. Finally someone has cracked and put theirs up on ebay. Feel free to bid away at a relic of the soon to be housing bust. But, be forewarned, you’ll be up against me - seriously. I guess I’m just giddy at getting my hands on something that stands for so little but is supposed to mean so much.
Another favorite is the nicely stamped “Made in China” on the inside of the bracelet. Made in China, just like their mortgage loans!
What I am trying to understand is why do big companies spend so much time, money and attention on cheerleading when they should be investing time and resources back into the company. Maybe I am biased at this point now (working for a small mortgage tech company)…but seriously where in the history of “big business” did the idea of handing out pompoms, bracelets, key chains, catchy meaningless slogans, ect. become the norm of conventional business practices?
Does this stem from hippy feel good philosophies/the Nancy Reagan Self Esteem movement?
Look I am 24, I grew up with this whole feel good crap…blah!!!
Yes, employers have a responsibility to their employees to create a work atmosphere that is conducive to encouraging thought and positive experiences. But…Yelling rah, rah, rah while cutting comp plans and expecting the same levels of production within todays market is simply ridiculous.
I can see what CW is TRYING to do. They are attempting to generate loyalty from the mass of employees as a whole…the problem is that they have upper-ups dumping stock as fast as possible, poor communication within the company, and crappy market conditions…
I applaud CW for trying to do something, laughable as it may be, they do deserve some recognition for trying to keep everyone happy. I do fault CW though for not thinking this one out all the way.
Your thoughts on the origins of this type of business practice…anyone…???…
Here’s a nice photo to go along with that. I thought it was hilarious!
http://bp0.blogger.com/_lRTwKEuBA3A/RwWYgYfAy9I/AAAAAAAAAQs/Tr1Huv8Wq30/s1600-h/memo1.jpg
Regards,
Jack Reacher
Look out for all those Powersniper’s out there..
I was reading about this bracelet thing on some mortgage websites and I thought it was a joke. I didn’t believe it after I saw the picture of the letter in the window about Mozilo rolling around in money. I still don’t believe Countrywide management approved the posting of that letter. But I guess the bracelet is for real. Is that letter for real? Anyone know?
I wish I could pinpoint the origins myself Nick so that I could write a book like Scott Adams and make zillions of dollars. Not ready to retire from this industry though, these next few months look like they are going to get very entertaining!The employees buying into this one way loyalty are behaving like dumb sheep (redundant) but they are following the wrong shepherd.
The bidding is up to $70+!!
Wristband now available on EBAy, current bid 105.00 and you get the copy of the pledge that was signed.
that memo is a practical joke.
Wake up People and smell the coffee!!!!! Hi I have a small **** and the first one to lock an option arm wins a 50 cent car wash courtesy of Napolean.
Is that memo real of course it is but your a dumb *** and don’t have a clue!!!
Edited by Morgan - keep it clean folks - PG 13 is all I ask. And ix-nay on the personal attacks, thanks.
Julianne, how **** stupid ARE you?
Edited by Morgan - please keep it clean and no personal attacks here. Thx, the mgmt.
The bid is over $150.
Here’s the Q&A from eBay:
Q: Do you have a copy of the signed letter pledging your allegiance to the great leaders of Countrywide to prove authenticity? This is a riot, I hope you make 1000s on this thing. Oct-11-07
A: Yes I do, and I will gladly include it….
Ah, it’s so sad….but funny. The not so funny part is that CW employees are scared to death that whether they “signed the pledge” is being tracked and if they don’t, they are bumped up on the RIF list… Some of them are truly into “protecting their house” but some just sign out of pressure and fear….
Does anyone else feel CW is like the titanic, slowly sinking while thousands of people fight dearly for their life… and Tangelo stands there looking blankly out to sea (with his pocket’s full of $$$$$)
1. This is truly Dilbert territory!
Wahat mozillo really needed was the “Belt-O-Authority”. Dilbert’s department had to wear a device on their heads called “Belt-O-Authority”, with which the boss could give them painful electric shocks [1/4+/93]
http://dribibu.xs4all.nl/dilbert19930104.html
2. Can you say lawsuit? http://tinyurl.com/2s2dd7
Court Orders CFC to reveal all executive stock option & redemption data!!
Countrywide Financial Corp. was ordered Wednesday to open its books and records to assist an investigation into possible manipulation of stock option grants to executives.
The order came as part of the Louisiana Municipal Police Employees’ Retirement System lawsuit filed in Delaware Chancery Court last year that accused the Calabasas lender of a “statistical correlation” between some grants and short-term stock price increases.
3. Common trait of megalomaniacs:
Saddam made the voters sign their ballots with their own blood, to show their commitment to Sadam. Didn’t Hitler require loyalty oaths and arm bands too? Don’t forget that Bush-Cheney also required people attending rallies etc. to sign a loyalty oath - in fact, that was the first thing that popped into my head when I read Countrywide was doing the same….
———————–
all stuff from housing panic:
http://housingpanic.blogspot.com/2007/10/orangelo-mozilos-countrywide-toxic.html
Anything CW does to attempt to avoid BK will be as effective as rearranging deck chairs on the Titanic.
Hi,
Well, I know when people get stressed out its easy to lash out at others. I guess it makes you feel better for a split second. But it doesn’t work long term. I am having a rough time, as well, but I love mortgage and a market change doesn’t mean I am giving up. I could get all wrapped up in hating but that won’t get me where I want to be. I do enjoy the information I read in this blog. It is great! But I don’t believe everything I see or hear. I take time to verify before exerting any negative emotion on something that isn’t true in the first place. Have a nice day!
Julianne
Someone at housing panic made a great point - is it sick that the price of this bracelet is more than 5 times the value of a single share of countrywide stock? amazing.
Morgan - it is even more sick that the person who is selling it (probably already let go) is going to make way, WAY more than any severance he/she gets from CW.
My current employer is asking us to say a loyalty oath every morning in unisan, and we all are wearing loyalty belt buckles with our slogan “If you don’t like it get the **** out!”
Julianne- Good for you for not lashing back. “Matt” and “Frankie Goes to Holleywood” must have self esteem issues to respond that way.
The funny thing about the bracelet is that everyone in Corporate actually wear them and everyone who actually makes the company money(retail shops/whlse centers) refuse to wear it in public. Gee, I wonder if that means anything. Can anyone say open up and swallow. How’s that kool-aide taste.
What does locking an option arm have to do with anything, by the way?
Better to vent here than run someone down on the highway or go home and abuse our pets/spouses/what not. If I were still at CW I would be wicked angry all the time as well!
One of the corporate guys that sported it here in my neck of the woods got let go last week. He had been there for 19 years, was pretty high on the food chain, and was loyal to the very end. A lot of good it did him, huh? Good luck to you, JH! You truly deserved better.
Hey Aaron you should learn how to spell first. Plus, if you really knew what went down behind the scenes of the Titanic you would know. Taking the calls nationwide on bad paperloans bought by the Skipper is what started all of this mess. Don’t be so naive, most companies don’t last that long or will be bought eventually. Watch out for the pink slip
Jeremy — Nice belt buckle!! Way to be a follower and not a leader!! How does it feel to be brainwashed?????
Edited by morgan - frankie, keep it clean, please.
I would like to give everyone a little insight into some of the real reasons why Countrywide is such a joke these days. I saw it coming when I worked there for about a year and was part of their “Countrywide University” program. What I learned by the time I spent there is that the middle management in the corporate centers were a large group of ego driven idiots. I am not trying to be harsh by saying that and I am probably in the majority with that opinion.
Countrywide’s whole mantra was truly “sell, sell, sell no matter what the consequences.” They would thinly veil it with catchy justifications. “If you’re not selling ARMs, you’re missing the boat.” “Home prices always go up in CA, AZ, NY and NV. Sell them an (Option ARM) in those states.” Our sales team had no less than 10 trainings on Pay Option ARMs in less than 4 months. We had ONE training on FHA loans and attendance was not required.
People who wrote clean files got no recognition. Those who wrote dirty loans, as long as they wrote a lot of them, went to Hawaii and got promoted. They were promoted to team leader and “VP” aka manager, no matter how poor their people skills were. One team leader who was given his own sales team of about 22 people, had 80% of them quit in his first 6 months and no one seemed to care.
We were taught to be afraid of everyone and that everyone else in the business was a liar. It was a great sales technique because they really had a lot of us beleiving it. We sold rates that were laughable compared to major competitors. Countrywide can turn a recent college grad into a ravenous salesman.
While we were selling our ARMs and Option ARMs, Coutrywide was buying up as many of those types of loans on the secondary market as they could. Most of them were broker originated “liar’s loans.” I would talk to at least 5 people a day who called in with this scenario:
Option ARM originated by broker
Grossly overstated income
3 year prepayment penalty that was buried at the end of their mortgage note
Countrywide had recently purchased their loan
Did not qualify for any products due to excessive debts
There is so much more to tell than just this, but I just want to say this to anyone who still works for that company in sales: It’s not too late to get out. There is life after Countrywide even though they make you feel trapped and worthless if you leave. Don’t give in to those folks because you will become one of the mindless drones I observed in Plano and Chandler who can’t even talk to their friends anymore. Money is not worth all that. Are you even making money? I know you’re not making what they promised you. That’s all I will say. If anyone wants me to write a book, I obviously can.
Salt Grass King,
Thanks for the info. I would have been fired from Countrywide for being straight-forward and honest, which is fine. I just don’t stay in situations where I have to compromise my integrity. Either I leave the situation or my mouth gets me in so much trouble that leaving is inevitable. Either way, onward and upward.
Hey, I have a scenario I need help with.
OOC SFR in CA
95% LTV
543 Fico
Stated/Stated - Self-employed
2×30
BK recently discharged
I’m looking for a home for this. Anyone know where this could go? Maybe Freemont or WMC would do this???
Thanks,
Jack Reacher
Sr. Loan Officer
Get Your Home Home Lones
http://www.WeFundItAll.com
hey i think i talked to those same people jack - weren’t they looking for a pay option too? LOL
the bracelet is up to $182.50 - amazing.
So Frankie the self esteem issues rear their ugly heads again..Go buy a puppy, it will help you to get unconditional love.
Salt Grass King- I have spent 6 years in the CW family and I can attest to everything you’ve said being true and if people knew the real truth it would tramatize them. When I left last month they told me the same things they probably told you. You’ll fail, Don’t go start your own brokerage because Whlse and Corr will be gone, you’ll make more money here(ya right), and we have customer for life pricing(which lasted about 2 months). Can anyone give me back those 6 years? Also, I was promoted often for doing as you said selling without any morale integrity.
And apparently Frankie is right I cannot spell,,traumatize,moral etc…
As a current CW employee… for the moment I find all this hilarious. The dude who posted the bracelet on ebay.. well he’s dumb.. he didnt hide his identity. Cross reference his ebay name and google and you’ll find his myspace page where he actually admits on being a employee. Looked the dude up in the company directory and walla. .Match! Kinda funny. I dont know have the heart to emailing him but I’m keeping close tabs on his acct to see when he gets terminated…
COUNTRYWIDE HOPE YOU GET IT IN THE END
I am replying to Wondergirl regarding the fact that the employees feeling they had to sign and request a wristband.. I am an ex-employee of CHL ( last day Oct 7th ) I signed too and my exact thought was “I had better sign it or be on the RIF LIST and I iterated it to the processing team they had better sign and request it too” Well, I was there for a month and never received mine… BUT I did get riffed and believe me “I am happy that I am no longer a CHL employee” I still have quite alot of very good friends who are miserable there hoping to find another job or get riffed. Does anybody have any good job information out there for a loan Specialist/Processor???? I am looking ( 10 plus years experience in finance) thanks
OOOPPSSS.. I forgot to say I live in Sacramento California looking for a job… :O) thanks