Countrywide on the way out?

[MRIslandStyle]

For anyone else who got screwed out of your career due to the shitty turnout with the subprime market due to the past 6-7 years of super inflated home prices and super undeserving loans that were handed out, looks like one of the last of the titans is falling like the rest..

http://money.cnn.com/2007/08/16/news/companies/countrywide/index.htm?postversion=2007081617

[DTunedEvoX]

I work for cW ... they got rid of even more people today ... I'm on vacation ... But I'm cringing to go back in fear of losing my job lol ...

[kimletrim]

Don't go back! don't give them a chance to give you notice!

[Skiracer]

The Fed just cut the discount rate. So, Countrywide stock is +17% in premarket trading on this news.

[MRIslandStyle]

Don't go back! don't give them a chance to give you notice!


he has to go back or else he won't be entitled to any severence pay.... just hope that they don't go chapter 11 then they don't have to pay anyone anything...

[DTunedEvoX]

LOL Severence pay ... We'd be lucky if we got that ... Of the 20 or so people I know that have been fired/laid off- some were given severence pay, some werent. This is just how the market is- happens every 3 years. I've been lucky enough to sustain it with my stay w/ CW ..... Now if I get back and am jobless - then *shrug* Someone, somewhere will want me lol ...

cW is still in a great position ... We'll see what happens in 3 months ... Everyone ELSE will be doing the same thing :p

[chuckdashi]

i use to work for cwide abd cwide has no severence package... and yes they have ben laying people off... but the do that atleast twice a year... glad i got out of there...

[DTunedEvoX]

Yeah it really depends which department you work in, and what kind of work you do ... I like my job *shrug*

[chuckdashi]

Yeah it really depends which department you work in, and what kind of work you do ... I like my job *shrug*
well i use to be on sales... so the saying goes for cwide everyone thinks their not paid enough... especially once you hear how much more people make outside...

[AaronI1]

I was currently employed for KB Home and I got screwed/laid off recently. The home market sucks balls right now. We had a Country Wide KB department, and I believe most of them got 86'd also. Fuck!!!

[Terry S]

Shit happens. My mother in law worked at New Century... She was held on till the very end and then given 3 months severance.

Terry S

[chuckdashi]

yeah the way the market is really killing the mortgage business and first payment defults... reason why cwide one of the top mortgage company is starting to cut people out... my gf still works there and she said that even at their branch they are starting to cut people....

[RumbleN]

i just remember seeing the line of a dozen paper-shredder trucks parked out in front of dana....... hahahhaha good times.

[MRIslandStyle]

so many people came to aegis from countrywide because they heard how much more per loan you make.... they never took into account that selling at other companies is different than CW... CW has great marketing that makes it easier in a way to sell... then they come over to us and some make it but most didnt...

[fusionchicken]

The home market sucks balls right now.


you can say that again.

[chuckdashi]

The home market sucks balls right now.


you can say that again.
the home market sucks balls right now

[Boosted]

I work in the mortgage community as well, a lot of companies are going through a rough time but its nothing we haven't seen before. Seems like a good time to go get your broker's license !!!

[RumbleN]

www.ml-implode.com (http://www.ml-implode.com)

[Terry S]

i just remember seeing the line of a dozen paper-shredder trucks parked out in front of dana....... hahahhaha good times.


What happened to dana capital? Did they finally drown in their own shit?

Terry S

[RumbleN]

yeah they surrendered all their licsenses. lol check out this quote :

I personally went in to their office today to pick up a check for a file they�ve been holding funds on since mid Jan. The following text was posted on their door. I�ll be able to get the picture off my cell phone later and post a link:

"Dana Capital has chosen to wind down its activities through dissolution under State Law. Dana Capital will not be filing a bankruptcy -- but rather will orderly liquidate its assets. You should receive notice of such and a status report within the next couple of weeks via email."

Posted on the door of 8002 Irvine Center Drive, Ste. 1200, Irvine, CA the headquarters of Dana Capital Group at least as of 4/30/07.

Im pretty sure homeboy that ran it (Dana Smith) fled the country.

[Whendidieatcorn]

The home market sucks balls right now.


you can say that again.


The market does suck right now but the big boys are still in the game. First fed, Wamu, Wachovia, etc etc etc. Coutrywide just took out an 11 billion dollar line of credit to post as security for all their defaults in the alt-a and sub prime market. The Gov't wont allow coutrywide to go out of business. They own over 50% of the coutry's paper...and when you get that big regardless of how much you have in default, nobody is going to let you go under.
Coutrywide isnt going anywhere, and everyone who did not prepare for this is going to close up shop and stop funding loans. Resmae is in trouble, Greenpoint is gone. etc
But the market will start to correct itself in the next year or so.

[Eckolaker]

The only way Countrywide will not file for bankruptcy is if the government does a "bail out", which Bush has already stated they will not do.

[DTunedEvoX]

I'm still here ... lol Still got a job *shrug* ... I'm 50/50 ... hard working everyday thinking you might get a pink slip though .... But I agree with Whendidieatcorn 150% ... cW is just getting a LOT of publicity cause they are #1 :p ...

[chuckdashi]

The home market sucks balls right now.


you can say that again.


The market does suck right now but the big boys are still in the game. First fed, Wamu, Wachovia, etc etc etc. Coutrywide just took out an 11 billion dollar line of credit to post as security for all their defaults in the alt-a and sub prime market. The Gov't wont allow coutrywide to go out of business. They own over 50% of the coutry's paper...and when you get that big regardless of how much you have in default, nobody is going to let you go under.
Coutrywide isnt going anywhere, and everyone who did not prepare for this is going to close up shop and stop funding loans. Resmae is in trouble, Greenpoint is gone. etc
But the market will start to correct itself in the next year or so.
i highly doubt the market will correct itself in the next year... i would say that it would take atleast 2 to 3 years before things start to even out... right now is the pitfall of mortgages because of how prime was 4 to 5 years ago.. everyone that got into a house just to get into one are getting their adjustments (imagine a jump of 4.9 prime to a 7.5) 500 to 1000 dollars more in payments will hurt you... people who cant afford homes and yet try to get one end up getting a loan they cant afford and reason for the initial defaults (interest only/ arm/ IO arm ect)... when the market started to slump down a year and a half ago to last year... big comapnies were pushing the neg am loans... why?... because of the negative interest that is being piled on homes yet building portfolio for the company...

on a side note yes it is the cyle of the mortgage history that dictates that it will end up to be better again eventually but not soon... sorry for guys still on the mortgage side... rates are getting higher, people owe more than what their houses are worth and cant comeup with the money to even refinance. houses prices wont change when just a good 5 min drive around the block will lead you to 10 houses for sale thats been on the market for months... itll only bring the market and house values down...

[Terry S]

Wow... greenpoint's gone too. Crazy stuff.

For those of you who never worked at Dana Capital or worked at a net-branching operation, they were doomed from the get go. I never worked there but had constant contact with my fellow compliance people (I worked compliance in another company) that did work at corporate. They were CONSTANTLY getting fined by state regulators for failing to comply with stuff and they were in threat of getting licenses revoked constantly. For instance, instead of having their branches file for a "branch license" in a state (as required by law), they would just let the branch use the corporate license (big no no). Then when the states found out, they would fine the shit out of them, which since business was booming they could pay no problem. Since the market started tanking a few years ago, it was only a matter of time that between all the fines and sharp decrease in business they couldn't stay up for long despite being one of the largest net-branching operations in the country.

Terry S

[DTunedEvoX]

The mortgage business didnt crash ... Chuck Norris just roundhoused it ...

I'm sad to say I understand what each of you is saying. lol