As many of you know by now, we've basically shut down our wholesale operations. We couldn't even keep it going in our own Florida backyard. I'm surprised the wholesale website ("Committed to Our Future Together" with a nifty picture of T. Rex) is still live. I guess they want to get full value from the folks that redesigned it. Plus, where else are we going to talk about FIRSTQUAL?
Retail is still limping along, but eventually there isn't going to be anything left to consolidate. Maybe Sun will just hold onto the brand and relaunch it when the market rebounds (which is still a long way away, according to all financial forecasters).
By the way, have any of you seen Jim Cramer's mortgage industry meltdown? Good stuff.
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19 comments:
Anna,
What's left of Wholesale? How many AE's, Regional sales managers, Sr. Managers? Can you give us an idea? Is the top wholesale producer still around? How much volume is coming out of wholsale?
How much volume is FNLC producing monthly now? Retail vs. wholesale, or combined?
It is better to ignore these questions. The authors of this blog are having a hard time moving on with their personal lives.
In fact, I believe the authors of this blog must still care a great deal about their jobs and the management team at First NLC to waste their own personal time on this blog trying to find out inside information.
Divorce yourselves from this company and move on. Find better things to do with your time. Get laid.
Toobad....go away! Based on your previous posts I would say YOU are the one having a hard time moving on with your personal life! Take your own advice and get out of here.
Anna, I'm looking for loan volume numbers and personnel numbers.
It is amazing how many other people have written posts to encourage you to move on but the only one you comment on is mine. I wonder why???
Maybe if you were more procompany you might still have your job. You express so much dislike for management, why do you care what they do now that you no longer work there? You should be rejoicing that you are out of a place you disliked so much and away from management you did not respect.
p.s. I don't think Anna still works for the company.
Cher you are pathetic! You didn't even work for the company! This is the only way you have any sort of contact with your EX B/F?? Weirdo!!! YOU need to move on and let these people be. You are not God Cher so stop judging these people! YOU DID NOT WORK HERE! No one cares what you have to say! Go patch things up with your sleezy EX B/F M.L
Friedman, Billings, Ramsey Group Sells About $4.95 Bln Of Agency Mortgage Backed Securities - Quick Facts [FBR]
8/20/2007 4:35:36 PM Friedman, Billings, Ramsey Group, Inc. (FBR) on Monday said it sold nearly $4.95 billion of agency mortgage backed securities at a loss of about $57 million. The company paid down the liabilities associated with the portion of its mortgage backed securities portfolio, which includes $17 million that was included in Accumulated Other Comprehensive Income at June 30, 2007 as a reduction of book value.
The company said it took the action to reduce leverage during the period of disruption and uncertainty in the asset backed financing market and to better position its balance sheet to take advantage of future investment opportunities.
After the sale, the company owns an agency and AAA-rated mortgage backed securities portfolio of approximately $1.2 billion.
You sure like calling people names. Is that left over from your childhood?
This is a public message board and is open to the public. The blog authors want to censor things that don't agree with their point of view. They want to remain anonymous while they slate a story to their point of view and for personal reasons. One of the authors, I believe is the same person who was the one in charge of laying everyone off. Isn't that ironic.
One day he tells me how he believes the company will survive and how he is doing everything possible to see that it happens and the next minute he is sabotaging the company's success.
Which side of the fence is he on? I don't believe it to be the employees side nor do I think it is management's side. I truly believe he is on his own side.
He was let go from his last employer. If you know him, why don't you ask him the reason why?
toobad,
You're the only one being censored. If you can’t figure out the reason you’re being censored on your own it would explain why you continue to post your babble here.
No one here can help you. Please go away and get on with your life. Once again this is not the place or venue for you to chat with the person who rejected you. We don't care to hear about it anymore.
To be blunt, take a long look at yourself and figure out what is wrong with your personality. Only then will you find a soul mate or whatever you're looking for. Either way it's not going to happen here no matter how hard you try. Your one night stand left you on the curb like an unwanted pet. Move on.
Regarding your accusation of us being anonymous:
Why do we stay anonymous?
Believe it or not some of us will be tied to this industry until the day we retire. As professionals we are sometimes forced to deal with people whom we do not like. That's just the way it is. If you are suggesting we confront these people in person as we conduct business you're just plain stupid. We sometimes work for individuals that force us to meet face to face; it doesn’t mean we must like it. This is the way business works and if you cant understand that you shouldn’t be playing the game.
One more thing, before you try to twist my paragraph above, it is you that said this is a public message medium. There is no censorship (unless it you :) This is a place for people to discuss observations.
Now on to business at hand.
See my next post :)
Regarding "been there" and his or her question,
I'm interested in an answer. In addition, how many retail offices are left? I'd like to know how many offices are left to justify the cost of that dialer.
I don't know anyone I care to talk to that still works for this fine establishment anymore.
Enquiring minds want to know.
Greenpoint closed their doors yesterday. Countrywide is laying off and the story goes on. There will be more carnage before the market will stabilize. First NLC is no different than a lot of other companies out there. According to the remarks published on this board and all I've heard about them, their management style is typical. Owning a company allows them to run it however they want as long as they stay within the law and if they don't then there are consequences. If they choose to line their own pockets, that is their choice. If they sell the company and in the process cut a great deal for themselves, then I would think these people are smart.
This message board is, in my opinion. a forum to run down management and to publish every negative article one can find on the internet to prove to yourselves and the rest of the world that this company should not exist becaise they've done you wrong. You remain anonymous because you do not want reprocussions or to be blackballed from the industry.
P.S. For your information, the guy did not dump me. I dumped him because of he is a pathological liar and self destructive. Since then I am doing really well. As far as I am concerned, he deserved to loose his job. I deep down hope he learns from this experience but I seriously doubt that he will. To learn one would have to look inside one's self instead of assigning fault to the outside world
The same thing can be said for the management. How these people management will not change because of a blog. How a person treats another all has to do with who this person is inside and if this person assumes responsibily for the things that happen to him/her or if this person wants to blame the outside world and wants revenge.
Mortgage Job Losses Surpass 40,000
Wednesday August 22, 9:18 pm ET
By Ieva M. Augstums, AP Business Writer
As Mortgage Industry Retrenches, Industry Job Cuts Surpass 40,000
CHARLOTTE, N.C. (AP) -- At the North Carolina offices of mortgage lender HomeBanc Corp., Archie Clark is the only employee left. But in a few days, he'll be gone, too. When Clark finishes helping movers from the company's Atlanta headquarters collect computers and other property, he'll join the more than 25,000 workers nationwide who have lost jobs in the financial services industry since the beginning of the month -- with more than half coming since last Friday.
With few exceptions, the cuts are the direct result of woes in the nation's housing market.
More layoffs are announced daily. On Wednesday, Lehman Brothers Holdings Inc. closed its "subprime" mortgage business, laying off 1,200 workers at 23 offices; Scottsdale, Ariz.-based 1st National Bank Holding Co. closed its wholesale mortgage unit and cut 541 jobs, and Accredited Home Lenders Holding Co. added 1,600 positions to the heap. The night before, banking giant HSBC said it would close a main financing office and cut 600 jobs.
Since the start of the year, more than 40,000 workers have lost their jobs at mortgage lending institutions, according to recent company layoff announcements and data complied by global outplacement firm Challenger, Gray & Christmas Inc. Meanwhile, construction companies have announced nearly 20,000 job cuts this year, while the National Association of Realtors expects membership rolls to decline this year for the first time in a decade.
It's an employment collapse that threatens to rival the massive layoffs in the airline industry that followed the Sept. 11, 2001, terrorist attacks, when some 100,000 employees lost their jobs.
"It's far from over," said Bart Narter, a senior analyst with Celent, a Boston-based financial research and consulting firm. "The subprime lending collapse will continue to ripple through the financial sector."
For five years, the nation's housing market was booming and mortgage companies grew quickly, at times offering lucrative jobs to people with little experience. But as home values declined and interest rates rose in the past year, rising delinquencies and defaults -- especially in subprime mortgages targeted at borrowers with risky credit -- have pounded lenders who couldn't keep pace.
"These kind of mortgage lenders just sprung up like mushrooms and grew like men," said John A. Challenger, chief executive at Challenger, Gray & Christmas. "They staffed up and now you have a bust."
America's largest mortgage lender, Countrywide Financial Corp., began an undisclosed number of layoffs this week. Last week, Arizona mortgage lender First Magnus Financial Corp. shut down its operations and laid off nearly 6,000 workers. On Monday, Capital One Financial Corp. said it would shutter Greenpoint Mortgage, its wholesale mortgage banking business, and lay off 1,900 employees.
"It's only been weeks," Challenger said. "These companies are acting remarkably quickly, stopping on a dime."
Andy Roach didn't foresee the turmoil when he joined Greenpoint in March. As late as June, the 25-year industry veteran thought the business of making "Alternative A" mortgage loans -- geared for those with slightly better credit than subprime borrowers -- was on a solid track.
But in July, he said, spooked investors stopped buying the securities the company sold by repackaging the loans. A little more than a month later, Capital One announced that Roach and about 1,900 of his colleagues across the country were out of a job.
"It was evident that it was serious," said Roach, 46, a regional manager in the Chicago suburb of Downers Grove. "When you can't sell the loans, when there's no market for those loans, it put us in a bad, bad situation."
Clark, 33, headed information technology operations for three HomeBanc offices in the Raleigh area. He had a feeling earlier this month that trouble was lurking, as the company began cutting back on perks and made some initial layoffs. On Aug. 9, HomeBanc filed for bankruptcy protection. They kept him on through the end of the month to collect equipment and "just go in and check on things."
"It was pretty much a free for all in the office, people taking paper, stuff HomeBanc wouldn't need," he said. "I don't feel like HomeBanc did anything. It was a perfect storm of a bad housing market."
Two of Clark's friends have already landed jobs with Countrywide. Another found work with an affiliate of First Magnus, and was almost immediately laid off again. Roach plans to open his own lending business, focusing on commercial business loans and originating home loans himself.
"The mortgage business isn't dead -- there's just going to be less people in it," Roach said.
Associated Press writers Mike Baker and Margaret Lillard in Raleigh, N.C., contributed to this report.
anon4this- there are 29 retail branches left. Heard they were now doing FHA loans.
All branch processors were laid off. All processing is now done at corporate to limit the fraud.
Thanks for the reply "free as bird".
Too bad it took a full blown subprime crash to realize putting a processor in an office with a bunch of boiler room employees was not a very good idea. Not just for First NLC but for anyone who ran a retail firm and wanted to make a fast buck.
Now the economy is stuck with the situation the greedy folk put us in.
I wonder if the H2 driver I wont name is wondering what went wrong :)
free as a bird...
Processing is being done out of corp to limit fraud??? Did you just hear what you said?
I put my heart and soul, blood sweat and tears into my office daily. I have an overwhelming sense of pride in a good job done right. With that said, the only questionable behavior I saw was being mandated by upper management.
I just want to say that I am an ex-employee and I think that the owners of First NLC are doing everything possible to save the company. I'm not so sure it's possible, but I'll be the first one in line for my job back. I'll miss you all. Thanks for the memories!
Squeaky, you're better off moving on to a company that truly appreciates your hard work.
Getting your job back at FNLC is not going to happen. If they hired you back they would also have to re-hire everyone who was let go from your office (unless you're family or a money hungry executive with no morals). If they didn't they would suffer mass lawsuits.
FNLC isn't the type of company that would would sacrifice profit to help you out even if the market recovered and profits were 1000%.
Anonymous you are an ass. You remain anonymous while you sit on your thrown, remain anonymous, and judge others.
Toobad said...
Bleh, blah, bleh...
Fuck off jack ass, or is it kiss-ass? :)
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