Last NLC

Searching for Daddy?

2010-03-31T15:25:00.005-05:00

Now that most of the scars have been healed from working at First NLC, I can't help but laugh when a Google Search for N**l Hen****l's name returns this blog as the number one result!

For those of you who are looking for info on our former benevolent leader, I urge you to check out the blog entries from '07-'08. You'll find lots of interesting bits of information about how this company was run straight into the ground by petty decision-makers and short-sightedness. And believe me, it all started right at the top.

I rarely have any info to report on the company these days, aside from the fact that it appears as a black hole in many former staffers' employment records. I'm curious, though - how many people have removed First NLC from their resumes altogether? I know some folks who were with the company less than a year before they started shutting things down - would they still be willing to deal with the BS of trying to track down records of employment and explaining how they were duped into thinking a company that was moving into plush new offices in T Rex was actually legit and well-managed?

I'm seriously considering looking for a new job now that the market is starting to improve, but I'm wondering what I'm going to tell everybody about First NLC, which is the last company I worked at prior to my current one. Shucks, I don't even know who I could use as a reputable reference, considering how many questionable individuals were on the various management teams.

At this point, about the only thing First NLC is good for is showing that you stayed employed and paid the bills during that particular time in your life. Other than that, it remains an organization I wish I never worked for.

It's 2010 and First NLC Continues to be a Pain in Former Employees' Asses

2010-03-29T15:47:00.006-05:00

I gotta tell you - it's been so long since I updated this blog that I had forgotten my login info.

I continue to hear stories from my former colleagues about First NLC being the ONLY company that never appears in their employment verification reports when they are looking for work. It's a final "FU" from Daddy and the Juniors, and just another example of how half-assed this company was (mis)managed.

Look, I understand you couldn't afford to keep the lights on in TRex, but you could have at least left a sign on the door when you left the building.

At this point, I think I'd rather take my chances with First NLC being off of my resume completely.

FBR: F*cked Beyond Repair

2008-11-11T18:03:00.007-05:00

Are any former FNLC'ers still holding on to their FBR stocks? Might as well claim them as a loss for tax purposes:

Friedman, Billings, Ramsey Group Receives Listing Standards Notice from the NYSE

ARLINGTON, Va., Nov. 7 /PRNewswire-FirstCall/ -- Friedman, Billings, Ramsey Group, Inc. (FBR Group) (NYSE: FBR ) today announced that on November 4, 2008, it was notified by the New York Stock Exchange (NYSE) that it was not in compliance with an NYSE continued listing standard in that the average price of its stock had fallen below $1.00 per share for a consecutive 30 trading-day period.

FBR Group intends to cure the deficiency and is exploring alternatives for curing the deficiency and restoring compliance with this continued listing standard. Under NYSE rules, FBR Group has six months from the date of the NYSE notice to do so.

FBR Group's common stock remains listed on the NYSE under the symbol FBR, but will be assigned a ".BC" indicator by the NYSE until compliance has been restored.

FBR Group's business operations, Securities and Exchange Commission reporting requirements, credit agreements, other debt obligations and its subsidiaries, including FBR Capital Markets Corporation (FBR Capital Markets) (Nasdaq: FBCM), are unaffected by this notification. FBR Capital Markets is a separately traded and managed public company.

Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) invests in mortgage-related assets and merchant banking opportunities. FBR is headquartered in the Washington, D.C. metropolitan area. For more information, please visit http://www.fbr.com/.

Wow - I wonder how money much Daddy and the Juniors lost thanks to their former corporate parents!

T Rex Has A New Tennant!

2008-09-11T18:49:00.004-05:00

That's right, everybody's favorite office park has a new tennant - I'll give you three choices to guess who it is:

a) Bluth Industries

b) Enron

c) RPM Oversight

If you guessed "c" you're correct! Who wants to bet that Daddy and the Juniors are now residing in T Rex on First NLC's (bankrupt) dime?

Wow, talk about a "fresh" start, huh? With this kind of thinking, I'm sure RPM Oversight is basically being run as First NLC 2.0. In other words, this company is going to be just as much of a joke as the last one these bozos ran into the ground.

Can't wait for the RPM Oversight retail ops center to show up in Anaheim!

Researching RPM Oversight? Here Are Some Handy Links

2008-08-19T18:17:00.003-05:00

This blog has received a fair amount of traffic lately from folks searching for "RPM Oversight" on search engines. For you folks who want to know why a blog about First NLC, a company that went bankrupt earlier this year, appears in the search results for RPM Oversight, it would probably help to explain that the majority of the RPM Oversight exec team also were members of First NLC's exec team.

The RPM contingency would love to have their misdeeds and past errors magically disappear as they attempt to start anew, but there are many, many people who were thrown under their bus as it sped out of town. These folks have all contributed to this blog's community, and I encourage you to take a look at the following links to get an idea of who is behind RPM Oversight and how they've conducted themselves. Enjoy.

http://lastnlc.blogspot.com/2007/05/did-you-know.html
http://lastnlc.blogspot.com/2007/05/job-searches-squashed.html
http://lastnlc.blogspot.com/2007/06/final-insult.html
http://lastnlc.blogspot.com/2008/01/bankrupt.html
http://lastnlc.blogspot.com/2008/02/of-watches-birthdays-and-ungratefulness.html
http://lastnlc.blogspot.com/2008/02/strange-but-true-tales-from-comments.html
http://lastnlc.blogspot.com/2008/02/50-million.html

Web Marketing 101 for RPM Oversight, Daddy and the Juniors

2008-08-13T14:07:00.005-05:00

Contrary to many opinions and theories on this blog, I happen to know a thing or two about doing business online. So, I thought I would pass on a small piece of advice to the bozos over at RMP Oversight (http://www.revupyourreturns.com/):

Don't use a web address that doesn't include the name of your organization!

Seriously - what in the hell does "Rev Up Your Returns" have to do with "RPM Oversight?" That's like ESPN using "getsportsscores.com," FBR using "subprimecompanyliquidators.com" orBank of America using "keepyourmoneyhere.com" as their URLs.

It's called online marketing, you bozos. Look into it.

Actually, I'd rather you didn't. I like being the number one Google search result for YOUR company. Besides, why spend money on acquiring a good URL? That's just plain silly, when you can do things the old-fashioned way!

I can't wait to see what this company's logo is going to look like.

This "No Duh" moment was brought to you by Citizens Against Swindlers in the Financial Industry.

So, What Does RPM Oversight Do?

2008-08-11T13:12:00.002-05:00

RPM Oversight (can you believe anybody would actually use the word "oversight" in the name of a financial management company?) must be a very dynamic company - they've already changed their "what we do" statement on their web site to the following:

RPM Oversight assists our clients with:

Portfolio sales
Portfolio purchases
Portfolio oversight and reviews
Servicer oversight and reviews

RPM Oversight thoroughly reviews and assesses the documentation, compliance, property value, and servicing records of every loan in every portfolio we manage.

Looks like, upon further review, their original "what we do" statement had too many holes (facts) to fill.

By the way - I'm really loving the dead link to "Click here to see case studies detailing RPM's successes" on the homepage. What, you don't have any successes yet? How much you wanna bet that the first successes they have listed will be for Daddy, Junior, OtherJunior or any of their cronies?

Like A Phoenix Rises from the Ashes...Only This Is More Like A Turd Rising from the Sewer

2008-08-08T14:33:00.005-05:00

Well, well, well. Guess who's back (besides me, of course)? Why, it's Daddy, Junior, "the other" Junior and all of their cronies. This time, they're disguised as RPM Oversight (thanks to blog reader Pete for giving us the heads-up). How ironic that the word "oversight" is in the company name, what with all of the crucial "oversights" these clowns had during the past couple of years. I also see that the utter failure and bankruptcy of FNLC wasn't mentioned in any of the exec bios, either. I guess that's just another "oversight," eh?

So, what does RPM Oversight do? According to the site:

"RPM Oversight thoroughly reviews and assesses the documentation, compliance, property value, and servicing records of every loan in every portfolio we manage."

Hmmm. Interesting. Since when are these guys concerned with "thoroughly reviewing" anything? I never realized that shipping boxes and boxes of documents out of Florida and into an unused office space in California was considered portfolio management, but to each his own...

Let's have a little fun with the "Who We Are" section of the site, shall we?

RPM Oversight is comprised of a group of highly skilled mortgage industry and legal veterans (and the Henschels, too) who specialize (don't you have to perform something on a regular basis to "specialize" in it?) in creating value and maximizing return on investments in residential mortgage loan and real estate portfolios (while cashing out assets and looking out for only the largest stakeholders when the ship starts sinking).

Our team (Daddy) has more than 100 years of combined experience in the real estate, legal, and mortgage lending industries, enabling us to assist (bilk) you in the purchase, rehabilitation, refinance, (liquidation, bankruptcy) and sale of loans for higher returns (to outstanding creditors).

Our hands-on approach allows for an indiviudal assessment of the documentation, compliance, property value and servicing records of every loan we manage, the result of which is increased returns for our clients (the jokes just write themselves, don't they?).

Our team has originated and sold more than $20 billion (worth $5 billion) in mortgage loans to Wall Street and other institutional investors (who can't come after us because we declared bankruptcy) over the last seven years (not including the past two, of course). We have negotiated the purchase and/or sale of more than $1 billion of distressed mortgage loans (including our own, but not Kent Cope's).

The company is headquartered in Boca Raton, Florida (T.Rex).

This Goddamned Company Continues To Haunt Me

2008-05-06T11:00:00.003-05:00

After taking care of my '07 taxes and getting my (unmatched) 401k contributions out of Ingham (who I always suspected were cronies of Daddy and Junior) during the past couple of months, I thought I was finally finished with ever having to deal with anything FNLC-related ever again.

Guess again.

I'm currently being subjected to a background check as I move into a new position at my current company. This morning, I was informed that the company performing the background check cannot locate any information about First NLC and cannot verify my previous employment at the company. I've been asked to provide proof by faxing my FNLC W-2 forms. As you can imagine, the idea of rummaging through my financial records and faxing personal information is not something I am comfortable with.

Fortunately, I have another card up my sleeve. Last year, when my original background check was completed, I requested my own copy of the report, which I happen to keep on hand during times like this, when I need to look up details like corporate mailing addresses and contacts in order to apply for jobs. This report has my FNLC experience confirmed, so I've referred the background checking company to their earlier work. Hopefully, that will take care of this issue.

I've worked for over a half-dozen companies in the past 15 years or so, and FNLC isn't the only one that has ceased to exist, yet they are the only one that I've ever had this kind of trouble with. A closer look at my background check reveals a possible explanation - every company has (or seems to subscribe to) some type of formalized database that provides this information. They generate a mini-report that gets rolled into my background check. Every one, that is, except for FNLC. My FNLC work history confirmation consisted of a note from FNLC HR and an explanation that FNLC doesn't provide further information.

Should it surprise any of us that FNLC "did what was required" by cutting corners and relying on manual, outdated methods to compile employee records? Of course not. This is just another example of how the company would take the easiest and cheapest path for anything that did not contribute to profits.

Well, guess what, Daddy and Junior? All of that sneaky and self-serving penny-pinching still didn't keep your asses from being kicked to the curb by FBR. Oh, I'm sure you think that you'll just ride out the storm and show up again when the market is ripe for small-minded, greedy, ignorant fools to make boatloads of money, but it's never happening for you again. Your name is mud in this industry and your reputations will be forever tarnished by your actions over the past three years, when you could have kept the ship from sinking but instead focused on moving into T. Rex, petty sibling squabbles and watching the FBR stock ticker.

I know some of you may still be looking for work, so I'd like to encourage everybody to be prepared for a similar situation, since, according to my resources, your tenure at First NLC may have never "officially" existed.

New Message Board for Former FNLC'ers

2008-04-22T15:05:00.002-05:00

Former employee Shawn has put together a message board for the ex-FNLC community. Stop by and leave your thoughts when you get a chance:

http://exnlc.activeboard.com/

More Negative Feedback

2008-04-09T18:32:00.002-05:00

Really - I think the Copes should have just turned down the CNN Money story. I don't wish anybody ill will, but that won't stop me from compiling choice comments and posts from other blogs. Again, the validity of the unemployment claims and the "woe is us" mentality has certainly touched a raw nerve in the blogosphere.

Check out the latest smackdown, courtesy of Bubble Markets Inventory Tracking. The author has upped the ante by posting photos of the couple's home and the jewelry that they are trying to sell. One commenter noted that one piece of jewelry sold for a whopping $0.99 on eBay -haven't they heard of "reserve prices?" Here are some quotes:

So let me get this straight. These highly skilled people are reduced to selling trinkets. I get the impression that just about any unskilled person could make a 6 digit income in the sub-prime loan business.
So we're supposed to shed a tear for these clowns?
My old Aunt in North Carolina always called these people, "pigs in finery". . .basically people who live the big life with no real money - just working class people with delusions of being grand!. . .can't people just live withing their means??
She had about a dozen items up last week, all with buy-it-now (not auctions), and none sold.
Good grief, who would wear that crap! That looks like the kind of crap tourists buy from the beach vendors on vacation and give as gifts to friends and family when they get home. It all goes in the trash as soon as they leave. BTW, her eBay feedback rating is a 1. She played it off to CNN as if she had a successful eBay business. A 1 is far from successful. Friggin' tools!
Looks like I'm not the only one who's really astounded by the stupidity of people in this industry.
I hope they had a lot of New Century Financial stock. If they didn't, then they didn't truly believe in what they were doing, and they deserve to suffer.
Both of them worked for New Century. One of the biggest subprime boiler rooms that existed before the ponzi scheme collapsed. Subprime was all they did. They gave loans to anyone, no documenation, no proof of collateral was required. No proof of identification or citizenship was required!!!
The picture of the jewelry is kind of funny. Did you notice how it is staged underwater? It is a situation they are very familiar with.
Duane Kent Cope. Duane can't cope? Not anymore he Kent!
These people are toast, with little to no true skills of value to EVER have the same lifestyle they had before. Check out Mysti's Linkedin profile. No degree. Was an assistant store manager prior to her VP role. I wonder how she got her job. Best she will ever earn is probably $30K per year at the local retail chain store. Welcome back to the REAL world folks.

Negative Feedback For A Sob Story - Ain't It A Bitch?

2008-04-07T16:13:00.003-05:00

Looks like the subjects of that CNN Money article aren't getting much sympathy in the wake of the subprime fallout. Instead of people feeling sorry for them, they seem to have garnered more than their fair share of criticism. Let's take a look, shall we?

First, we have Stu's Rusty Bucket, who has done a nice job of inserting his/her comments into the story, such as:

Awesome! Keeping the dream alive, a mansion on the coast…
This is the “we have no plan going forward” routine, also known as “we are waiting for something magical to happen and money to fall into our laps!!”
Awesome, they switched from a gas guzzling corvette to a.. gas guzzling huge ass SUV!
know!! Lets get a job selling houses.. that don’t sell in a market that is thrashing around and wallowing in its death throes! Awesome decision there Kent...just think how many sea shell necklaces and self designed bikini’s you need to sell to make that 10k minimum a month.

Ah, Stu - you are too good with words!

Here are some nuggets from 3D Commune:

Notice they cashed in HER 401k? He is going to skip off to Mexico with his secretary and intact 401k
A suburban - now THERE is an economy vehicle
THE INDUSTRY TARNISHED ITSELF, and you were part of it, I guess its time to get out the silver polish baby!
Yeah, let the government pay you to do nothing, its the American way

Free Republic has great comments as well. A sampling:

Sorry, they made a heck of a lot of money, and don’t have anything saved? Stupid is as stupid does.
So, he gave birth to the monster that ate him.He and his ilk built the castle of sand and now bitch that it's crumbling?
(They) need to sell the Beemer, down-size the house, take the first job they can get and begin working their way up again. And quit whining.
(She's) been without work since May of 2007???!!! Nobody wants her resume because it’s got subprime on it? Nobody? Not Target or the Food Lion? Gimme a break. The woman could be bringing in something and still run her jewelry and beachwear business.
But surely you don’t expect them to take responsibility for their own actions??

And, my personal favorite:

(Executives) in the Sub Prime and other banking fields by extension, really have no marketable skills and are grossly overpaid.

Finally, let's not forget Frugal Jim, who questions whether they should even be allowed to collect unemployment:

So you and I are paying unemployment for these people? We’re actually subsidizing the start up of two businesses? I always though unemployment was supposed to be for people who were actively seeking a job, but were unable to do so.

FNLC Alum On CNNMoney.com

2008-03-31T17:02:00.004-05:00

Careers vanish after subprime 'free fall'

Kent and Mysti Cope were well-paid executives at subprime lenders who never thought the industry could disappear overnight. Now they're just trying to get by.

SAN CLEMENTE, Calif. (CNNMoney.com) -- Kent and Mysti Cope met and fell in love working for one of the nation's top subprime lenders. Now, their life has been turned upside down after the sudden implosion of the subprime mortgage industry.

Mysti was one of the last people out the door at New Century Financial, once the nation's No. 2 subprime lender. She had been in charge of e-commerce customer service with dozens of employees reporting to her. It was at New Century where the Copes met in 2000.

Kent worked for several of the firms that helped give birth to the industry, which specializes in making loans to people with less-than-perfect credit, in the 1990s. He has been out of work since August when he was laid off by Friedman, Billings, Ramsey Group (FBR) unit First NLC Financial Services.

"We're still both in shock that it could go from something so good to so bad so quick," said Kent, 59. "New Century in 60 days went from top of the heap to out of business."
The two didn't say exactly how much money they made at their last jobs but Kent admitted they each had six-figure incomes.

Today, they're trying to get by on his unemployment benefits of about $450 a week, which covers only about an eighth of the basic payments they owe every month.

Full article:
http://money.cnn.com/2008/03/31/news/economy/copes/index.htm?postversion=2008033105

The Truth, The Whole Truth, Nothing But The Truth

2008-03-20T18:03:00.003-05:00

Long time, no posts - I guess that's what happens when the entity you are writing about no longer exists!

Reader "Mr. Miracle" pasted this article from the March 14 Washington Post while commenting on a previous post - thought I'd share it with you. No wonder FBR liked Daddy and Junior's way of doing business...

FBR's Awful Truth

By Steven Pearlstein

There was a time when lots of us were rooting for Friedman, Billings, Ramsey, the homegrown investment bank. With its strong bench of analysts, its focus on financial services and technology, its scrappy trading desk and a loyal network of institutional investors eager to buy up whatever it was selling, FBR was the Washington upstart determined to beat Wall Street at its own game.

But in the decade since it began selling its shares to the public, FBR seems to have careened from one disaster to another, losing billions of dollars for its customers and investors and constantly restructuring itself to give the illusion of reinvention. One of the founders was forced to resign from the firm after a federal investigation into whether the company had given inside information about one of its customers to another. Its own stock is so beaten down -- from a high $28 four years ago to yesterday's close of $1.93 -- that investors are pricing it at less than the company's book value.

Sad as it is to say, I'm coming to the conclusion that FBR has come to represent everything that's bad about Wall Street, quick to jump on every fad, substitute hype for solid research and earn big fees for peddling junk.

Let us recall, for example, that FBR was an active financier and cheerleader for the tech and telecom boom of the late '90s, putting its customers' money and prestige behind dozens of flameouts that included LifeMinders, WebMethods and Varsity Books.

In between bubbles, it took the lead in funding a Bermuda reinsurance company that entered the market just in time to get buried under two of the worst hurricanes in history.
FBR became an underwriter for the residential real estate bubble, helping to finance New Century Financial, Luminent Mortgage Capital, Thornburg Mortgage and American Home Mortgage.

In 2005, FBR decided to jump into the subprime pool with both feet, paying more than $100 million to acquire originator First NLC and losing hundreds of millions of dollars more before taking the firm into bankruptcy earlier this year.

A financial whiz I know compiled for me a list of all the stock offerings FBR underwrote between 2001 and 2007, both public IPOs as well as the private placements in which FBR specialized. He found that if you'd invested in all of them on the day they started trading, you'd be down now by about 20 percent. That compares with a gain of 20 percent on the Standard and Poor's 500-stock index, or a loss of 9 percent on the S&P Financial index.

Of course, investment banking is only part of FBR's business -- and at this point, the only profitable part, although even that is now questionable, given the market turmoil and the dramatic slowdown in new issues. But it's worth noting that in the past two years, when other financial firms were posting record profits from proprietary trading (buying and selling securities with the firm's own money) and asset management (collecting fees for running hedge funds and mutual funds), FBR managed to lose money in both areas.

Not that it would have been easy for an investor -- or a business journalist -- to come up with a clear picture of what was going on at FBR. No sooner would something go wrong than a press release would appear announcing some new strategy or structure or the shift of assets from one pocket to another. One day FBR is an investment bank, the next a tax-free real estate investment trust with a taxable investment bank subsidiary. Then, when the REIT starts to crash, it spins off the investment bank as a separate entity, selling part to a private-equity firm and then, a few months later, another part to the public. This is the kind of hocus-pocus that financial sharpies engage in when they can't succeed by delivering good value to customers and investors. With FBR, it's a case of being too clever by half.

What's most galling, however, is how well FBR's top executives have done for themselves despite all the misjudgments and setbacks. One founder, Russ Ramsey, was clever enough to cash out and leave shortly after the initial public offering. And before the recent troubles, Manny Friedman and Eric Billings made themselves two of the highest-paid executives in the region, with annual compensation packages approaching $10 million each.

But for pure chutzpah, nothing tops the recent announcement that, following a year in which the company posted an operating loss of $740 million, Billings and three other top executives were awarded bonuses and stock grants worth $30 million, at the time equal to nearly 9 percent of FBR's market value. The rationale given by FBR's compensation committee is a model of twisted logic that now infects the minds of corporate directors. It noted that these executives had gone years -- yes, two entire years! -- without a bonus because of the company's poor performance due to a subprime mortgage crisis that was outside their control. And it lauded them for their great success in selling off the subprime assets for which they grossly overpaid, and for raising $220 million through the IPO of the investment banking subsidiary to investors who, in the space of eight months, have seen the value of their shares fall by two-thirds.

One can only imagine what bonuses the FBR directors would have lavished on Billings and his associates if they had sold stock that had actually increased in value.

But equally absurd was the rationale for granting Billings $2 million and an additional 3.5 million shares of FBR stock as a retention award, so he won't go leave the company over the next three years. This is the founder of the firm with his name on the door, who, with 6 percent of the common stock, is already the firm's largest individual shareholder. By his own admission, he bet the firm on residential real estate and subprime mortgages -- and lost. So where else is he going to go? Does anyone really believe that recruiters from Goldman Sachs are banging on his door?
Of course, the better question is why, rather than picking the pockets of beleaguered shareholders to pay big retention bonuses, FBR's directors haven't sent Billings packing. After all, that's what happened at Citigroup, Merrill, Morgan Stanley and Bear Stearns in the wake of similar misjudgments. At FBR, by contrast, not a single top executive has lost his job as a result of the mortgage debacle.

Of Watches, Birthdays and Ungratefulness

2008-02-29T12:21:00.004-05:00

Here's another priceless story from Blue. We've had plenty of branch and regional-level tales on this blog, so it's great to see that there was so much nonsense going on at the corporate level as well. Enjoy....

When our beloved (hah!) CEO turned 75, it was decided that to honor the occasion, there would be a party for him, and gifts and such. My manager wanted to get something for him anyways, but somewhere along the line the management team got an email from "the favorite son" basically TELLING all of them the gift the "management team" was going to get him and how much it would cost.

Apparently the family had major connections within the jewelry industry, and the old man really wanted an expensive watch - not sure of the brand, but I'm pretty sure it cost upwards of $20,000 or so on the retail market. In his note to his management team, the favorite son basically told all the managers that "even though he could OBVIOUSLY afford to buy this watch for his Dad, it would be a nice gesture if all of them contributed and also they would engrave something special on the back just for him." And apparently the sons would make up the difference on the gift (more on this later).

So basically all the managers had to cough up something like $300-500 each for the old man's birthday gift!! And from the sounds of it, this was a MANDATORY thing (in other words, if you didn't pony up, don't expect the family to keep you employed after that, since you obviously were not a team player!) So all of them pony-ed up, and I know my boss and a few of the others grumbled privately about it (well if they told me, maybe it wasn't so "private!") because it wasn't like they were sll earning the millions of dollars the family was, and after all, would you spend $500 on a birthday gift for your own family, let alone for YOUR BOSS???

The real kicker came after the fact. They had a little gathering, and if most of you remember, we all had to have group photos taken of our teams (what a joke that was) to be framed and presented to the old man. From what I heard, the old man basically thanked his sons for the watch, and didn't genuinely thank the other managers that actually paid for it.

And here's the real kicker, one that the old man himself will love if he is still actively reading this blog. Apparently, the not-as-favorite-son (the one who always resented taking a back seat to his brother) went around afterwards and confessed that, thanks to the wholesale deal they were able to get with their jewelry friends, there was enough money collected from the management team to pay 100% for the watch!!

So neither he nor his "favored" brother actually commited a penny of contribution to a gift for their old man, yet they took the majority of the credit for it!! How classic is that!!! :) And papa never knew!! In fact, it was probably the only gift papa got from them for his 75th birthday, and the sons didn't contribute at all!!

Now that's demonstrating effective management of your employees if ever there was an example!! Get them to pay for something, and then take all the glory for yourself.

Strange But True Tales from the Comments Section

2008-02-28T16:43:00.002-05:00

"Blue" has been sharing some good stories in the comments section of various posts. I thought I would start passing them along. In addition, "Lastlaugh" has noted that Daddy and Junior were fired by FBR last week.

And now, on to the dirt, as told to us by faithful reader Blue:

During my time at FNLC, I was privvy to information that, to say the least, was embarrassing then (and is just plain funny now!) I have been reluctant to post on this blog for fear of reprisal (after all the Henschels are a family of lawyers) and I did sign a piece of paper that said in order to collect my (pitiful) severance, I had to refrain from discussing the company for 1 year. Well, that 1 year is up, and the company no longer exists, so I figure I will share some of my stories with everyone.

Before some pro-FNLCr's start bashing me, again I preface this to say that (1) all this info is 100% true; (2) I post it for entertainment purposes and for a little bit of relishing in the fact that the management team that screwed us all are now screwed themselves and (3) as a cautionary tale for those of you who would even consider working for this group of liars again.

Because so many managers had a big mouth at FNLC, it was easy to get access to information. Here is one of my favorite tidbits relative to the piece Anna just posted. The move to the T-Rex building was a poor error in judgement. They had just renewed their lease with the existing shit building in Deerfield Beach, and now they were going to move to this massive new building in Boca Raton, in the midst of a shrinking lending environment and the prospects of downsizing (not increasing/hiring) staff. Why did they do this? To satisfy the ego of one man who wanted to leave a lasting legacy and mark in his hometown of Boca Raton.

Even when a press conference was held to announce the T-Rex move, the press was very negative to FNLC (go back and search some of the stories in the Miami papers if you don't believe me). At the time they even stated that this was typical of many companies with CEOs who just wanted to satisfy their egos and have a workplace closer to their own homes to shorten their own commutes. And I remember some of the articles even accused FNLC at the time of likely letting go employees because of it! (which they insisted they wouldn't do).

When it looked like the market was crumbling, and costs had to be reduced, the obvious question was "why are we still moving to T-Rex?" The answer was because a lease was signed and it would have cost millions to get out of it. Instead they chose to start reducing staff and closing ops centers outside Florida to justify the expense of this monstrous new building. And for those of us who did eventually move into T-Rex, it had a creepy vibe and felt like a giant, empty shell from the very beginning.

Here's another:

It appears that the Henschels were not the only crooks behind this disaster. This just posted online on FBR - it seems that after losing millions of dollars these last few years (mostly due to FNLC), these crooks decided to give themselves a big, fat pay raise this week! I feel terrible for the FBR shareholders....

The Committee concluded that management's actions were materially beneficial to the Company and therefore that, in recognition of their efforts and achievements, certain members of executive management should receive bonuses in excess of the bonuses to which they would have been entitled based on the performance goals established in early 2007. The Committee reported its conclusions and recommendations to the Board of Directors, and the independent members of the Board approved the Committee's recommendations. These actions are described below. In addition, the Compensation Committee of the Board of Directors, and the independent members of the Board of Directors, of FBCM also took action on February 21, 2008, to approve executive compensation arrangements for 2008 for its executive officers. Please refer to the current report on Form 8-K filed with the SEC today by FBCM for information regarding those actions.

2007 Performance Bonuses. The Board approved final bonuses for 2007 for its named executive officers as follows: (i) a $2,475,914 bonus payable to Eric F. Billings, Chairman of the Board and Chief Executive Officer, of which $1,778,470 was payable in cash and $697,444 was payable in the form of a combination of FBR Group common stock and FBCM common stock, (ii) a $5,398,835 bonus payable to J. Rock Tonkel, Jr., President and Chief Operating Officer of the Company, of which $5,004,798 was payable in cash and $394,037 was payable in the form of FBR Group common stock, (iii) a $1,494,725 bonus payable to Richard J. Hendrix, President and Chief Operating Officer of FBCM, of which $1,073,672 was payable in cash and $421,053 was payable in the form of FBCM common stock, (iv) a $905,598 bonus payable to William J. Ginivan, Executive Vice President and Chief Legal Officer of the Company, of which $650,496 was payable in cash and $255,102 was payable in the form of acombination of FBR Group common stock and FBCM common stock, and (v) a $801,187 bonus payable to Kurt R. Harrington, Executive Vice President and Chief Financial Officer of the Company, of which $575,496 was payable in cash and $225,691 was payable in the form of a combination of FBR Group common stock and FBCM common stock.

I have a feeling this is just the tip of the iceberg from Blue.

$50 Million!

2008-02-26T19:23:00.003-05:00

First NLC's bankruptcy lists more than $50 million in debt

First NLC Financial Services LLC, a subprime mortgage lender that moved hundreds of jobs from Deerfield Beach to Boca Raton just a year ago, has filed for Chapter 11 bankruptcy protection.

The parent company, Arlington, Va.-based investment bank Friedman, Billings, Ramsey Group (NYSE: FBR) said First NLC would liquidate its assets due to continued deterioration in the subprime market.

Such weakness has caused numerous local and national lenders, both in the subprime and prime categories, to exit the business.

First NLC's Chapter 11 filing was made in the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach division on Jan. 18. The filing listed more than $50 million in debt and hundreds of creditors.

The top unsecured creditors are Goldman Sachs Mortgage Co., HSBC Mortgage Services, Deutsch Bank Securities and U.S. Bank Corporate Trust Services.

Miami law firm Berger Singerman is representing the debtor, including attorneys Arthur Spector, Paul Avron and Paul Singerman. The U.S. trustee is Heidi Feinman in Miami.
The company also announced on Jan. 11 that it would not close on the pending sale of First NLC to Boca Raton-based Sun Capital Partners.

Following the filing, the Web site for First NLC carried a simple statement: "Due to conditions beyond our control, effective immediately, we are no longer taking applications. Those loans where closing documents have been executed will be funded in the normal manner."
FBR Group signed an agreement in July with an affiliate of Sun Capital for a $75 million recapitalization of First NLC. That deal would have resulted in a reduction of FBR Group's ownership in First NLC to 20 percent.

FBR Group said that, in connection with the Chapter 11 filing, it does not expect to recover its remaining $12 million investment in First NLC.

Founded in 1987, First NLC had 2,100 employees in 70 branches nationwide in 2006. The company continued expanding its mortgage sales, even as the real estate market slowed in early 2006.

In November 2006, First NLC moved corporate headquarters and 450 jobs from three buildings on Hillsboro Boulevard to the Boca Corporate Center and Campus, formerly known as T-Rex. At that point, First NLC said it would add 200 more jobs.

In early August, First NLC laid off half its employees. At the time, Andrew Henschel, the company's VP of corporate governance, said he did not anticipate any more layoffs, and that the company plans to "vigorously compete" in the market.

Hey Daddy and Junior - Don't Forget Tax Time!!!

2008-01-31T19:08:00.000-05:00

Great comments from henshelsforjail (love the username) today got me thinking about a potential problem former FNLC'ers may face during the next few months. I'm talking about the possibility of our W-2 forms being delayed or not being sent at all. This was something my team discussed when we were laid off a few months before the company went bankrupt. Given the fact that many of us had problems signing up for unemployment benefits due to erroneous bookkeeping, it wouldn't surprise me if this nasty W-2 business is swept under the rug, at least until the last possible minute.

To put things into perspective, I earned money from four different entities in '07, including a brief stint collecting unemployment after Daddy and Junior sent me on permanent vacation. Not surprisingly, three of the four W-2's have already been sent to me. Guess who the fourth is?

Here's the thing - I don't like to wait until the last minute to file taxes. I either WANT MY REFUND RIGHT NOW or I want to have some time to pay my amount due before April 15th. I imagine many of you feel the same way. Hell, I bet there are some of you that are expecting a refund and could really use the cash since, y'know, First NLC isn't around to deposit that paycheck into your bank account twice a month.

Has anybody received their W-2 yet? Right now, I'm not expecting much, other than one final screw job by Daddy and Junior. On the other hand, at least I didn't foolishly and arrogantly run my company into the ground, so I guess I have that to be thankful for!

The Online Post Mortem

2008-01-14T18:48:00.000-05:00

All that's left of firstnlc.com and thelendingcenter.com is this statement:

Due to conditions beyond our control, effective immediately we are no longer taking applications.

Those loans where closing documents have been executed will be funded in the normal manner.

I've pasted a screenshot to capture this moment. I figure the web hosting bill will be due soon, and then there will be nothing - anybody want to buy some domain names?

BANKRUPT!!!!

2008-01-13T17:14:00.000-05:00

It's all over. Daddy's and Junior's assets are being liquidated. FBR has declared bankruptcy on its subprime mortgage operations. The deal with Sun won't be closed.

Hey Junior - can't wait to see your resume! If you and Daddy mishandled your personal finances as badly as your business finances, we'll be seeing you in the unemployment line soon enough.

And yeah - I bet you WOULD file for unemployment.

Finally, this three-ring circus has been shut down as the clowns have been kicked to the curb.

HAH HAH HAH!!!

Loads of links:

At last, FBR did "what was required" and cut this sorry company loose. Good-bye and good riddance.

Is There Anybody Out There?

2008-01-08T16:38:00.000-05:00

Our friends at the Implode-O-Meter posted an update on the latest misfortunes at Daddy and Junior's Us-First Moneygrab (formerly known as "First NLC"). Apparently, an email was sent out with the following info:

"First NLC (The Lending Center) cut off computer access on Monday night at 7pm EST for all employees. There is no compensation plan in place for 2008. It looks like Tuesday is going to be the day they close up shop. Keep an eye on it early Tuesday, it is probably all over".

Can anybody confirm that this company is finally about to go kaput?

The Latest News...And It Ain't Good for FNLC

2007-12-17T12:26:00.000-05:00

Our friends over at the Mortgage Lender Implode-O-Meter say things are looking dire in Boca Raton:

"Have we seen the last of First NLC? It's anybody's guess, but recent posters on Last NLC (note: thanks for the shout-out) seem to be convinced, if not actually happy about it.

"Layoffs and branch closures have been going on some time now, the most recent of which came to our attention when it was reported here that another 100 employees were let go and the Anaheim, CA office was also being consolidated to their East Coast headquarters. Calls to the offices still listed on CityTownInfo.com revealed only 2 locations still receiving calls: Anaheim, CA's answering system is still on, and the headquarters in Boca Raton, FL. The company's web site now shows just one location - Boca Raton. For those tracking the numbers, that represents 24 offices nationwide, and now, approximately 725 of 1,350 employees gone in the consolidation.

"Concerns over the company's continued viability stem largely from losses reported in their parent company's 3rd quarter financial statements. On 10-25-07, Reuters reported that FBR Group (Friedman Billings Ramsey Group, Inc.) realized write-offs of $90 million associated with the sale of securitized loans, and an additional loss of $67 million from the sale of mortgage-backed securities. A company press release of the same date revealed the following additional losses:

"an economic loss of $17.2 million(2) associated with restructuring and operating costs at First NLC Financial Services (FNLC), of which $15 million was incurred prior to the agreement announced in July to sell FNLC to an affiliate of Sun Capital Partners (Sun Capital), and
"a $27 million valuation loss relating to the portfolio of conforming and non-conforming loans originated by FNLC and for which FBR Group took ownership under the Sun Capital sale agreement, reducing the value of those loans to $203 million.

"FBR Group announced its plans to sell an 80% share in First NLC to a Sun Capital Partners affiliate on 7-26-07, as part of a recapitalization plan to enable the struggling sub-prime lender to continue operations and satisfy a negotiated settlement of this employee class action lawsuit which received preliminary court approval in late September. The transfer to Sun Capital is expected to be completed by 2007 year end."

Pretty soon, they'll be running this company out of the family's garage.

Here are some additional notes from The Truth About Mortgage:

According to sources, First NLC Financial Services plans to close 24 branches nationwide, shuttering their operations on the west coast and cutting more than 100 jobs in the process.
It is believed that only six retail branches will remain open, along with an operations center at its headquarters in Boca Raton, Florida.
I’ve been told that most of the 100-odd employees at its loan center in Anaheim, California have been laid off as a result of the migration to the east coast.
In August, First NLC laid off 645 employees, or nearly half of its 1,350 member work force as the mortgage crisis continued to deteriorate.
First NLC is one of the top non-prime residential mortgage lenders in the nation, originating over $7.4 billion in mortgage loans in 2006.
FBR bought the subprime lending unit in 2005 for $101 million and arranged a sale this summer to an affiliate of private equity firm Sun Capital Partners.

Gone Daddy, Gone

2007-12-11T13:06:00.000-05:00

Rumours are flying that First NLC shut down this past Friday. I haven't received confirmation yet - it may be only another ops center that has closed. Whatever the case, my sympathy goes out to the few working folks who were just let go during the holiday season.

Of course, if the company has been closed for good, my overwhelming joy is reserved for the the execs that ran this company into the ground - they have finally attained complete and total failure. Couldn't happen to a nicer group of selfish, arrogant a-holes. You get what you deserve. Life just handed you a "doing what is required" card. I hope you all lost your a$$es in stock while being blackballed in this industry.

More Shutdowns

2007-12-03T15:34:00.000-05:00

Chicago's call center has been shut down - no surprise. Rumors of additional shutdowns (what's left to shut down at this point? The vending machines?) continue.

I thought I'd share this comment from a former FNLC'er that was posted a couple of days ago - this person is also happy to see upper management flailing. Enjoy:

I'm a former FNLCer and laying me off was the best favor FNLC ever did for me. I, now, work for a company that has a bright future and employees, including me, are happy and don’t live in fear. It's such a refreshing change. I read people's blog entries and frankly I'm amazed and a bit confused as to why people still choose to continue to work for them...especially in light of all that has happened. FNLC's senior management (a.k.a. the Hxxxxxs and their kiss a$$ lackeys) are the worst so-called “management” team I’ve ever seen and the company is obviously going down the tubes. I hope you do realize senior management doesn’t care anything about you, your family or your well being. I do understand how difficult the job market is but it is possible to move on. Most of the employees I had the pleasure of getting know during my time at FLNC were good hardworking people. Have faith in yourself! But, in spirit of the holiday season, I want to say "thank you" to Mr. Hxxxxx and all of his minions for laying me off. No doubt it was challenging for me at first but I prevailed! I take comfort in knowing the Henchel’s company is failing while I am growing professionally and am financial better off than I was work for your sad excuse of a company. It really is sad to have such ill will toward a group of people but this particular group doesn’t deserve anyone’s compassion or respect since they never bothered to give either to any of their employees. I am a person that does believe in karma. What goes around comes around. Mr. Hxxxx and all your minions, keep that in mind!

The Numbers Don't Lie

2007-10-26T10:40:00.000-05:00

Here are a couple of nuggets from the FBR earnings (or, in this case "losses") statements for Q3. Does anybody out there know if this is enough to pull the Sun deal off the table? I am totally amazed that this company continues to operate, albeit with a skeleton staff. It's not like FNLC was a respected and well-known brand in the first place - why Sun would want it?

Friedman Billings posts wider Q3 loss

Friedman Billings Ramsey Group Inc's third-quarter losses tripled from a year ago, hurt by write-offs in its securitized loan portfolio and losses from sale of mortgage securities. The investment bank and brokerage posted a net after-tax loss of $214.7 million, or $1.28 a share, compared with a net after-tax loss of $67.4 million, or 39 cents a share, a year ago.

The Arlington, Virginia-based FBR also incurred a $17.2 million loss on restructuring and operating costs at its nonprime mortgage unit First NLC Financial Services. At the end of the quarter, Friedman's exposure to First NLC was $12 million.

FBR Group Announces Third Quarter 2007 Financial Results

Friedman, Billings, Ramsey Group, Inc. today announced its results for the quarter ended September 30, 2007. The company reported a net after-tax loss for the quarter of $214.7 million, or $1.28 per share, compared to a net after-tax loss of $67.4 million, or $0.39 per share, for the third quarter of 2006.

Among the principal components of the third quarter results are:

An economic loss of $17.2 million associated with restructuring and operating costs at First NLC Financial Services (FNLC), of which $15 million was incurred prior to the agreement announced in July to sell FNLC to an affiliate of Sun Capital Partners (Sun Capital).
A $27 million valuation loss relating to the portfolio of conforming and non-conforming loans originated by FNLC and for which FBR Group took ownership under the Sun Capital sale agreement, reducing the value of those loans to $203 million.

It's Not Over

2007-09-19T10:29:00.000-05:00

Jeff Ostrowski of the Palm Beach Post notes that the "bloodletting" isn't over yet in the mortgage industry - something that shouldn't come as a surprise to any of us. What's most remarkable is that Sun has allowed FNLC to continue operating, albeit as a much smaller and limited organization. The only reason I can think is that Sun recognizes some type of value in the FNLC brand and they are just holding onto it until the industry turns itself around.

A commenter in an earlier post estimated that 95% of the folks let go by FNLC are still out of work - I thought that seemed a bit high, but after speaking with several former co-workers, I'm beginning to think that might be accurate. Anybody care to elaborate or share their stories?

Who's Left To Lay Off?

2007-08-23T10:22:00.000-05:00

First NLC makes the local paper again, and it's not good news:

"First NLC Financial Services is shedding 154 workers in Boca Raton."

I'm not sure if the author is referring to layoffs that have already happened, or if this is a new announcement...

Now This Is What I Call "Doing What Is Required"

2007-08-23T09:57:00.000-05:00

Some folks are questioning my motives for this blog. "Move on," they say, "you're just being vindictive." Perhaps I am. But when a company treats its employees and customers the way FNLC has during the past couple of years, I feel that these actions should not be forgotten nor swept under the rug. FNLC has many resources at its disposal to put a postive (and false) spin on what's been going on within the company. But who is the voice for the common worker? We don't have PR firms or the backing of a corporate parent. Really, all we have is a chance to tell our side of the story in forums such as this.

If you are reading this blog with the intention of defending FNLC, you're wasting your time. This blog is for people who have been burned by the company, whether they still feel the sting or not. If you want to talk about how great a company FNLC is, start your own blog, for that is certainly not the purpose of this one.

Now that this piece of business is out of the way, I'd like to focus your attention on a company that is trying its best to stand by its employees during difficult times, including bankruptcy. For those of you who think that FNLC has done everything they can for its workforce, consider what First Magnus is doing and then contrast it to some of the decision-making that has gone on this year in Deerfield and Boca Raton:

Bankrupt Firm's Owners Establish Employee Fund
$1 million fund set up for First Magnus headquarters employees

August 22, 2007

By JERRY DeMUTH

Owners of a bankrupt mortgage lender have established a $1 million fund for some of its nearly 6,000 laid off employees.

More than $1 million has been pledged to assist some former employees of First Magnus Financial Corp. by the mortgage company's shareholders and executives.

The privately-held, Tucson-based company, which originated more than $17 billion in loans this year, shut down on Aug. 16 and filed for protection under Chapter 11 of the U.S. Bankruptcy Code on August 21.

Although First Magnus had nearly 6,000 employees in more than 300 offices nationwide, monies from the "assistance fund" will be provided only to the approximately 800 employees who worked in its Tucson headquarters, according to a spokesman.

"We, as shareholders and executives of First Magnus," President and CEO G. S. Jaggi explained in a statement, "are committed to doing what we can to personally help those individuals in Tucson who will suffer the greatest hardship."

This is because the Tucson employees lacked the loan origination skills of employees elsewhere, the spokesman said.

The company also has helped arranged a job fair for former Tucson employees, which will be held Monday, August 27, in a Tucson hotel, which is donating the space.

When First Magnus told employees that it was halting lending operations, it told them to expect a delay in the payment of wages and that those payments would be mailed out as checks rather than made by direct deposit, according to a spokesman.

Now, making the payments that were scheduled to be made on August 20 is in the hands of the bankruptcy court, Gary Baraff, senior vice president, marketing, told MortgageDaily.com, pointing out, "We have asked the bankruptcy judge to make that his highest priority and make those funds available for the [Aug. 20] payroll prior to any other creditors being addressed."

No complaints regarding unpaid back pay had been filed with the Arizona Department of Labor as of late Tuesday, a department spokesman told MortgageDaily.com.

(NOTE: the entire article can be found and read by subscribers to MortgageDaily.com)

Bright Future In Retail

2007-08-19T10:14:00.000-05:00

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.

The Local Angle

2007-08-08T15:08:00.000-05:00

Courtesy of the Boca Raton News...

Nearly 40 percent of local First NLC staff laid off

It was the sort of letter no employee wants to receive – that your services are no longer required.

And certainly not after having only been in your new home for such a short period of time. First NLC had completed a move from Deerfield Beach to Boca Raton only in April of this year – and said in December 2006 that with the move would come an expected 200 more jobs.

Now it’s August, and there’s no 200 more jobs. In fact, First NLC has reduced its Boca Raton workforce by about 40 percent -- last week laying off about 129 of its more than 320 employees in its new Boca headquarters office in T-Rex Park. The move follows a general nationwide fall-off in the sub-prime mortgage lending market, and reflects what the firm said is an attempt to stem money losses....

More

The Hammer Has Fallen

2007-08-03T11:20:00.000-05:00

Judging by the comments on the last post, I think everybody knows that the poop has hit the fan again. With such a small amount of people left in the office, I haven't been able to post without fear of getting caught. These are sad and angry times around here.

It appears that management (or supporters of management) have been posting comments to the blog. Hey - that's fine - it's a free country and I'm not going to censor anybody. However, I do need to address an issue that has been brought up.

Let's get this straight right now: everybody's situation with this company is not nearly as simple as "if you don't like it, leave." Anybody expressing this sentiment is foolish, arrogant and self-delusional.

When a company hires you, they typically put their best foot forward during the interview process, just as you try to make a great impression by wearing a nice suit as an interviewee. Often, despite our best efforts, we find that the company isn't all that it was cracked up to be only AFTER we are hired and become firsthand witnesses to the general nonsense and shenanigans going on.

At this point, according to some commenters, we should leave the company. Nobody is forcing us to stay, right? ABSOLUTELY WRONG. In the REAL WORLD, people have bills to pay. Getting another job isn't easy, especially with the fear tactics First NLC uses regarding folks who access HotJobs, CareerBuilder and Monster. This industry is in the dumps right now, and other gigs are hard to find. Plus, right now, having "First NLC" on a resume isn't very desirable. The mortgage industry knows what this company's reputation is and doesn't place much value on anybody working for it.

You do what you have to do to keep the kids fed with a roof over their heads. Dare I say you "DO WHAT IS REQUIRED" to keep your home and family safe and secure.

How anybody can insinuate that we are being whiners and complainers while we are free to leave on our own accord is absolutely irresponsible and myopic. This is the type of thinking that plagues this company and will keep it from recovering on its own.

As for management: I wouldn't be so smug and cavalier if I were you. It is no achievement to get bailed out for a second time by a company that specializes in this sort of thing. Take a look at how Sun has turned around their acquisitions. They know dead weight when they see it, and I'm pretty sure their due dilligence will land them on this blog at some point, if not already.

Link: http://www.palmbeachpost.com/business/content/business/epaper/2007/08/03/a8b_firstfin_0803.html

All Hail Our New Benevolent Leaders

2007-07-26T09:40:00.000-05:00

We're like a cat on our ninth life around here. I'm glad we've survived for the time-being, but I have to imagine major changes are on the way. I don't see why anybody would purchase us as is unless they had plans to shake things (or people) up. I guess that's what Sun Capital excels in.

FBR Group To Sell First NLC To Sun Capital Partners Transaction Includes Recapitalization of First NLC, Reduces FBR's Ownership to 20%

ARLINGTON, Va., July 26 /PRNewswire-FirstCall/ -- Friedman, Billings, Ramsey Group, Inc. (FBR Group) today announced that it has signed a definitive agreement with an affiliate of Sun Capital Partners (Sun Capital) that will result in a $75 million recapitalization of First NLC Financial Services, LLC (FNLC), FBR Group's non-conforming mortgage origination subsidiary. Sun Capital and FBR Group will invest $60 million and $15 million respectively, on a pari passu basis.

As a result of this transaction, FBR Group's future exposure to FNLC will be limited to its $15 million investment in the recapitalization, plus a $3 million indemnification to Sun Capital for certain potential liabilities. During the third quarter, FBR Group expects to fund approximately $15 million in losses associated with further restructuring and operating costs incurred prior to entering into the transaction with Sun Capital. FBR Group will also retain ownership of approximately $250 million of conforming and non- conforming mortgages recently originated by FNLC which are expected to be sold or securitized during the third quarter.

Full article: http://money.cnn.com/news/newsfeeds/articles/prnewswire/NETH05726072007-1.htm

Earnings Call Two Weeks Away

2007-07-12T12:33:00.001-05:00

FBR is announcing their 2nd quarter results on 7/26. Let the speculation begin...

More S&P Woes

2007-07-11T11:11:00.000-05:00

FBR Securitization Trust has been listed among the issuers who have had their credit ratings placed on CreditWatch in the following article:

S&P Warns on Subprime-Backed Issues

On July 10, Standard & Poor's Ratings Services placed its credit ratings on 612 classes of residential mortgage-backed securities (RMBS) backed by U.S. subprime collateral on CreditWatch with negative implications. The affected classes total approximately $12.078 billion in rated securities, which represents 2.13% of the $565.3 billion in U.S. RMBS rated by Standard & Poor's between the fourth quarter of 2005 and the fourth quarter of 2006. A list of the issuers of the RMBS securities in question appears at the end of this article.

Who Are We Trashing?

2007-07-10T12:29:00.001-05:00

There's been a lot of talk in the comments section about the fact that I am focusing on the negative aspects at FNLC and some folks think that I should be concentrating on the things that are trying to make this company better. I often receive comments about two members of the exec team in particular, and there seems to be a perception that they are being unfairly singled out for all of the company's woes.

You know what? That is true. These two people are being unfairly singled out. They aren't to blame for all of FNLC's current problems. Let's not forget all of their cronies and sycophants who do their bidding while historically turning a blind eye to disastrous (and illegal) situations simply because they were still benefitting from the money they generated!

I ask you, the Last NLC community, to refrain from bashing the same two individuals over and over again. They have had plenty of help bringing this company to the verge destruction, and we shouldn't forget the below-average and underqualified management team members who have constantly demonstrated their ability to "do what is required" to save their own jobs while slogging through the path of least resistance. These fine examples of incompetence deserve our attention as well.

And for those of you looking for some positivity about FNLC, I suggest you read whatever nonsense passes for news and information on the corporate intranet site these days. I am well beyond giving the company any benefit of the doubt to believe that they have any of my best interests or well-being in mind and I will continue to make sure that the voices of the employees who have their livelihoods hanging in the balance with every poorly-made exec decision are heard.

At Least We Know Where The Rent Money Is Coming From

2007-07-03T17:29:00.000-05:00

It's an Independence Holiday Week Miracle...

First NLC Financial Services Closes $481.8 Million Asset-Backed Securitization

BOCA RATON, FL -- (MARKET WIRE) -- 07/02/07 -- First NLC Financial Services, LLC ("the Company"), a wholly owned mortgage subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), today announced it has securitized $481.8 million of first-lien and second-lien residential mortgage loans originated by the Company through First NLC Trust 2007-1.
The securitization closed on June 26, 2007 and is expected to be treated as a sale for financial reporting purposes.

Standard & Poor's Rating Services and Moody's Investor Services, Inc. rated the securities. Credit Suisse Securities (USA) LLC served as lead manager for the transaction. The securities were sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act.
This release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Source: http://www.sys-con.com/read/397664.htm

Eight Percent Is Enough

2007-06-15T15:35:00.000-05:00

It should come as no surprise that we initiated another round of layoffs today. Approximately 8% of our employees have been let go, not coincidentally on our final day in the old office.

I said this the other day - every time the TRex money pit starts requiring more cash, employees are let go. Here we are on moving day, and sure enough, we've lost more people.

There's a full transcript of the memo that was sent to us detailing the reasons behind the layoffs in the comments section of the post underneath this one.

For all of you who have received the axe today, I strongly encourage you to do the following before signing your separation agreements:

Gain a full understanding of your rights as a terminated employee, including the WARN Act
Get a due date for FNLC to send you your final severance package and COBRA info
Make sure your 401K contributions will be honored
Demand full documentation of your final payments, including all deductions
Make note of when your health benefits expire

Anyhow, now you know how FNLC can pay for TRex. I wonder what will happen when next month's rent is due?

Moving Day Is Almost Here!

2007-06-14T10:48:00.000-05:00

We'll be moving our stuff tomorrow to the new office. As a commenter mentioned earlier, it would be a prudent idea to separate your personal belongings from your FNLC office materials when you pack your boxes. I have a feeling there will be several people who won't make it to the new building before getting laid off.

Some people have asked "how can we afford this?" Well, we've been "affording" this for several months already. The new offices have been a money pit, and every time the company needs to find some more cash, they do another round of layoffs. You can sense that moving into TRex is the only goal for certain members of the senior exec team. They figure that, if they are moving into new facilities, the company will appear to be successful and that they have done their job by "DOING WHAT IS REQUIRED." Unfortunately for these narrow-minded and myopic fools, most rational thinkers don't judge a company by their office buildings - they judge it by the amount of money it makes (or, in our case, loses).

Get ready for a deluge of self-congratulatory press releases about this move. It should be the last thing you hear about us until our rumoured sale in a couple of weeks. Afterwards, TRex becomes somebody else's problem.

Caveat Emptor.

FNLC Still On The Block

2007-06-12T10:44:00.000-05:00

Now that our parent company, FBR, has generated well-needed funds by spinning off some assets and creating a new company (FBR Capital), it appears that they can get back to the task at hand: dumping First NLC to anybody foolish enough to actually pay for this financial burden:

"Friedman, Billings, Ramsey has been busy raising cash after struggling with its subprime home-mortgage business. The sector has been ravaged by defaults on such loans, which target borrowers with weak credit histories, and FBR has been seeking a buyer for its subprime lending unit, First NLC Financial Services.

"Shares of Friedman, Billings, Ramsey have dropped more than 30 percent since late July, when it reported a quarterly loss of $30.2 million. It has reported losses in three of the past four quarters."

I'd love to hear FBR's sales pitch to potential buyers ...

A Final Insult

2007-06-07T12:24:00.000-05:00

I've received news that some former employees who were laid off this past spring DID NOT receive their company contributions when they rolled over their First NLC 401K accounts although they were clearly eligible and enrolled in this program.

As mentioned earlier on this blog, First NLC retains the right to decide if they want to contribute to any employee's 401K program, regardless of their tenure or status. Just because you have been with the company over a year does not mean you are going to get your funds matched. Daddy and Junior may decide you aren't worthy of this "generous" gift (for the record, FNLC has the lowest matching contribution percentage of any company I've ever worked for, especially considering that we are owned and operated by a financial institution).

I urge all current employees to confirm that they are receiving the matched contributions they may be eligible for. Don't take for granted that this company is going to do right by you. "Doing what is required" means doing what's best for a select few members of the executive management team and to hell with anybody who stands in their way of lining their pockets with a few extra bucks.

This is typical First NLC policy and procedure: take something that is commonly accepted, and twist it around so it works only in the company's favor while disguising it with fine print, murky documentation and unanswered questions. This is just another example of how this company preys upon the goodwill and intentions of its employees by twisting a knife into their backs whenever it becomes convenient.

You'll Have the Rent Money Next Tuesday

2007-05-17T16:24:00.000-05:00

Did you know we still had people employed in the Concord (California) ops center? Neither did we, apparently. I received word earlier today that there was an EVICTION NOTICE posted on the front door of the office from the building's property management company. We haven't been paying our $50,000 monthly rent for quite some time. This was brought to accounting's attention and supposedly we are going to take care of this "error."

Can you imagine that? What company conveniently forgets to pay a $50,000 monthly rental bill? Sounds like we're doing "what is required" again by walking away from a problem and ignoring it while throwing a bunch of innocent employees under the bus. If I were any of the people still working in that office, I'd demand an explanation, apology and assurance this will never happen again. I'd also appoint one employee to camp out in the office overnight this evening to make sure everybody isn't locked out in the morning.

Yep, things are really looking good for us. Here's a tip for all of you: if there is an EVICTION NOTICE on your office door, you can make a safe assumption that our half-baked Alt-A program isn't going to be the magic potion that will turn this company around.

An EVICTION NOTICE. How embarassing.

Busy Day for Me...Slow Day for the Blog

2007-05-15T18:50:00.000-05:00

I actually had some work to take care of today, so I don't have much to post. Below are a couple of articles about the latest rounds of mortgage industry layoffs. Oh, and for all of you grumpy folks down the hall: Lighten up, would you? The walls are thinner than you think.

Talk of the bay: Subprime jobs were just on loan, turns out
"Subprime mortgage lenders gaveth Tampa many jobs during the housing boom, but the industry continues to taketh them away. The city's layoff toll rose to 778 on Wednesday when New Century Financial Corp. disclosed plans to cut 177 local staffers. The California lender, which filed for Chapter 11 bankruptcy protection in April, follows layoff announcements by Fremont Investment & Loan (301 jobs), H&R Block Mortgage (141), First NLC Financial Services (92) and AcuLink Mortgage Solutions (67)."

Orange County mortgage casualties
"First NLC Financial Services LLC, Orange. Reported 113 layoffs in March to the EDD."

Great Food, Family Fun and Entertainment

2007-05-14T15:20:00.000-05:00

Just a couple of quick facts about this year's company picnic:

It's only for those of us in Deerfield, proving once again that if you don't work at HQ, you aren't important. However, you'll still receive all of the email announcements for this event, so while you don't get to have a picnic, at least you can hear about how great it will be for the chosen ones.
It costs a lot of money. In a climate of slashing costs, we've spared no expense on this little shindig. We discontinue employees' health coverage the day they are laid off, but when the execs have a chance to make a big show about how great their company is, it's open checkbooks. "See how wonderful we are? We are your benevolent leaders! Eat your hotdogs while basking in the knowledge that tomorrow we may kick you to the curb in another workforce reduction!"

Let's Hear From You

2007-05-12T09:35:00.000-05:00

I was pleasantly surprised by the amount of traffic this blog has received in just a few days. Some people at the office are fuming about what I've written, but since it's all true, they have nobody to blame but their own conceited selves. After all, did they really think nobody was eventually going to call them out for the way they've handled themselves over the past few years?

Sure, some executives are gifted with expensive watches just for turning another year older (wait until you hear THAT story), but most of us are treated as common help whose only purpose is to make a few individuals rich. We'll launch a new product and the execs feel their job is done. The entire company will receive a short email from an exec that will say something like "now go out there and make this happen." That's our motivation. Never mind that the product is already outdated and we can't make adjustments quickly enough to compensate for the market. The problem is now OURS. And guess who gets the blame when the numbers still don't hit our targets? Us - the regular folks who are stuck peddling an inferior product. The perception up top, apparently, is that brokers and borrowers don't shop for the best deal.

The main purpose of this site was to document all of the questionable practices employees and brokers have witnessed at First NLC. While there are still plenty of things I want to share with you, I thought it would be a good idea to solicit visitors for any information they may have. Feel free to leave your horror stories in the comments and I will post them on the main page. I encourage all of you to remain anonymous - many of you are still at the company and we know how petty and vindictive certain individuals are.

I am absolutely certain that if I am discovered, I'll be working the weekend shift at the Waffle House. Still, I figure I'll probably be let go prior to that because the company continues to fail (anybody want to buy a subprime mortgage company? Call 1-800-FBR-SELL).

Until then, see y'all at the company picnic!

See You In Court

2007-05-11T16:55:00.000-05:00

Here's a handy little link y'all can use to see the lawsuits listing First NLC as a defendant. According to justia.com, there have been ten filed since February '06, including another case involving the Fair Labor Standards Act. Good thing we have so many lawyers on the payroll!

Here's some bonus links from the past:

First NLC listed on ripoffreport.com (2006)
Woman Loses Home After Agreeing To Loan (2005 predatory lending story from an ABC News affiliate)
Merger of California and Colorado overtime lawsuits against First NLC approved (2006)
A notary writes about not being paid by First NLC on the 123notary.com message board's "beware of these companies" forum (2006, about 3/4 of the way down the page)

First NLC and the WARN Act

2007-05-11T10:42:00.000-05:00

I found a detailed list of the positions eliminated in our Orange offices at the end of March when the company notified California's state employment department for compliance with the WARN Act (it's a long document; you'll have to scroll down about 1/3 of the way - all companies are listed alphabetically). Among the positions cut: 17 account executives and 28 account managers. Interesting that the Northern California positions we eliminated during the same month are not listed. I wonder if that's why I've been hearing talk about a WARN Act lawsuit against us.

I know that the Northern California folks were not given much of a severance package when they closed Concord ops. It was something like 1 week's pay for every year of service. I guess the company was trying to cut corners (again) by separating all of the offices when reporting the layoffs.

You would think that a responsible company would take all of their planned layoffs (at least from the same state) and bundle them together in order to take care of the folks who stuck with them through these recent hard times and help them transition into the next phase of their careers, but First NLC has never been about anybody that doesn't directly service and affect the Powers That Be (our royal family) here in Deerfield.

News Flash: Florida Is Not California

2007-05-10T10:52:00.000-05:00

For many years, First NLC has cut corners by allocating California resources to Florida cost centers. Several employees who work and pay taxes in California are considered Florida workers. This benefits First NLC because Florida has much cheaper and management-friendly labor laws.

I've overheard conversations and phone calls detailing how west coast employees were confused about certain corporate policies that conflicted with their state's labor laws. Things like not being able to roll over unused vacation time into the next calendar year are totally illegal in California, but they are par for the course in Deerfield. It wasn't until January that First NLC finally issued a California-specific policies document, but I've been told it doesn't address any labor issues that would be in the employee's favor.

Why am I telling all of you this? I just found out that some employees who were let go a few weeks ago are unable to collect unemployment benefits in California because, according to their state's records, they were employees of Florida. Imagine getting laid off and not even being eligible for unemployment just because some bean-counting weasels wanted to save a few bucks by classifying you as a worker in another state! Legal? Methinks not, but legalities don't seem to stop our organization.

Let this be a warning to all of you who are still employed out there on the west coast: find out what cost center your wages are being reported from. At First NLC, "doing what is required" means screwing over everybody who stands in the way of making the execs' bank accounts grow.

First NLC: Overtime? What Overtime?

2007-05-10T00:15:00.000-05:00

Here's the latest status (as of April 5) on the class action lawsuit (filed by Nichols Kaster & Anderson, PLLP) against First NLC for failing to pay overtime wages:

"First NLC recently provided us with a list of approximately 1300 additional names of eligible employees that were omitted from a previous Court ordered list. The case has also expanded to include branch processors, senior loan officers and team leaders. We have mailed notice of the case to these 1300 people who have until May 22, 2007 to return their Consent forms and join the case."

You can read more and find out if you are eligible to participate here.

First NLC In The News

2007-05-09T15:01:00.000-05:00

I just wanted to catch y'all up on how FBR (the parent company of First NLC, for those of you fortunate enough not to know) threw First NLC under the bus a couple of weeks ago after announcing their 1st quarter earnings for 2007. I don't think any of this is making Daddy and Junior's stock portfolios rise, do you? I should note that all of these statements happened about five weeks after FBR gave First NLC a vote of confidence during a company-wide conference call.

Mortgage Defaults Hurt Lenders
"Meanwhile, investment bank Friedman, Billings had a loss of $185.9 million, or $1.08 a share, because of write-downs at its First NLC mortgage unit and costs for "restructuring." The company is trying to sell First NLC."

Friedman Billings Posts Loss on Mortgage Writedowns
"The First NLC mortgage unit lost $124.2 million after writing down the value of goodwill, stakes in other "nonprime'' mortgage companies and its own home-loan investments, the company said. Friedman Billings also recorded $5.2 million of "restructuring and other costs.''

Mortgage Woes Send FBR to Quarterly Loss
"The Arlington investment bank reported a loss of $185.9 million ($1.08 a share) for the first three months of the year, compared with a profit of $26.6 million (16 cents) in the corresponding period a year earlier. FBR said its mortgage company, First NLC Financial Services, lost $124.2 million in the quarter. First NLC specializes in subprime loans, those generally offered to people with blemished credit or insufficient cash for a down payment."

Friedman, Billings, Ramsey Loses in Nonprime
"In the company's official 2007 first quarter report, it attributes most of the recent losses to its wholly-owned nonprime origination platform, First NLC Financial Services (FNLC). According to the company's first quarter report, FNLC experienced a net after-tax loss of $124.2 million."

Subprime mortgage fallout hits FBR
"FBR said in March it was evaluating alternatives, including the possible sale, of First NLC, which is FBR Group's non-prime mortgage origination business. The company now says it intends to act on those alternatives sometime this quarter."

At First NLC, Lies Start At The Top

2007-05-09T13:42:00.000-05:00

Here's some insight into the typical line of BS we receive from the CEO. This was sent to us a few days after they axed a significant amount of the workforce. My comments are included.

Dear Fellow Employees,

Last Friday, First NLC was forced to implement a restructuring plan that required us to close some of our wholesale operations and to lay off employees. We did our best to ease the pain for the individuals involved (unless they were in actual pain and had to see a doctor and couldn't because we stripped them of their health coverage that very evening - however, that one week's severance for every year of service should allow them to eat Top Ramen and cat food for the next couple of months), and every affected employee was notified personally by a senior manager (to this day, some of the affected (former) employees still haven't spoken to a senior manager and weren't even notified of their dismissal that day - they found out through colleagues on the grapevine).

Since the founding of this great company, this was the most difficult thing we have had to do. You know what is going on as well as I do: nonperforming loans have disrupted the secondary market, which has caused a tide of put-backs to the originators. The whole subprime industry is a mess. In the big picture (big picture = all lenders),this is an anomaly (this is a long-term fact of life and NOT an anomaly for subprime), but in the meantime, many of our competitors - from the most respected to the marginal - have been put out of business, and many others are on the edge.

As painful as the restructuring has been, First NLC is better off than many (a boldfaced lie, especially in light of FBR's financial statement that came out three weeks later). We have been able to take steps to ensure our long-term success (long-term = "until our contracts with FBR expire this summer"). (Name Witheld) and I were in New York at a series of meetings to work through strategic alternatives. We're also investigating ways to enhance the value of our originations, including the possibility of holding loans in portfolio. And we are fortunate to be a wholly owned subsidiary of FBR (not for long), a well capitalized company (not sure the Washington Post agrees with that) totally committed to our franchise (totally committed to unloading us to anybody who will pay pennies on the dollar for us, that is).

My experience tells me that what we have seen these past few months is not the Ghost of Subprime Future. The market will restabilize, and First NLC will thrive again (with only his family on the payroll). In our industry, loan performance and loan quality are key. Our future depends on our continuing to work to originate the best product available, and I know we will.

(Name Witheld), your senior managers, our parent company, and I are proud to stand with you during this difficult period (as we scramble to save our hides). Tough times show what we are made of (ask any employee what you are made of - when the going got tough, your only solution was to downsize and cut overhead without actually attacking the issues at hand). We thank you for doing what you do every day, and we remain confident in our (my family's) future (fortune).

First NLC: Did You Know?

2007-05-09T12:14:00.000-05:00

That management in one of the West Coast wholesale ops centers routinely tapped into employee phone conversations? In a rare moment of truthfulness a few months ago, a floor manager openly admitted to it. Is that legal in California? I don't think it is in Florida.
People who were laid off on March 30 had their health benefits expire at midnight that evening, even though there was one day left in the month. Some people weren't even notified on Friday that they had been laid off and unknowingly engaged in weekend activities without health coverage.
Former employees received incorrect severance payouts that were automatically deposited to their bank accounts. A few days later, the deposits were reversed without notification. HR wasn't going to replace these funds until the following pay period. When forced to make these payments, the correct amounts were sent to the bank accounts - often with a wiring fee deducted. Amazing how quick the company could take its money back, but how reluctant they were to correctly pay it out.
As of mid-April, several laid-off employees from the first week of March had yet to receive their severance.
Speaking of layoffs, legal action is being taken against FNLC for violation of the WARN Act.
Alt-A products were being developed as early as last summer, but Daddy and Junior but the kibosh on it. Think that might have helped us last Fall? We finally launched about a week ago, and as usual, it's too little, too late.
Our swanky new offices (that we still haven't moved into) are costing a lot of money. When the execs were looking at possible cost-cutting measures a few months ago, the highest-ranking exec would not consider getting out of our lease and instead decided to continue slashing employees from the payroll. Too bad there won't be anybody left to occupy T. Rex by the time it's ready!
The corporate 401k matching program is arbitrary. Even if you've been there for over a year, it is still at the company's discretion whether they will allocate matching contributions to you. The matching contribution normally takes place once a year (in March, allegedly) in a single lump sum. I know of several employees eligible for this program who were dismissed this past March without their matching contributions. Better yet, when pressed on this matter, HR representatives freely admit that they aren't exactly sure what the policies are. It's a shame to withhold such a pittance from hard-working regular folk, but since it puts more money into the execs' wallets (and really, it's all about the execs, right?), I suppose it's just another case of "doing what is required."

Job Searches Squashed

2007-05-09T11:37:00.000-05:00

While reviewing the infamous Bakersfield Bubble thread, I saw a few FNLC supporters saying "if you don't like it, get another job."

Well, that's harder than it looks.

We've been told that all of our work computers are being monitored to see if we are visiting any job posting sites. In addition, we have been threatened that, if any of our resumes are found on these sites, we will suffer consequences.

So tell me - how can I look for a new gig if it means I'll get fired from my current one? I'm not talking about running a job search while I'm at work - I'm talking about posting my resume to Monster or Hot Jobs from my home computer during my personal time and having some HR weasel find it and rat me out.

This is what life is like as a First NLC employee.

Who Am I?

2007-05-09T10:51:00.001-05:00

I may be a current FNLC employee working right down the hall from Daddy and Junior. I might be an AE who left the company when things took a severe downturn a few months ago. I may be a disgruntled Lending Center schmo that is desperately trying to find another job in this crazy industry.

I might be all of these people, or none of them.

One thing I definitely am, however, is somebody who has access to enough information on this company on a day-to-day basis to be able to pass along a fairly complete picture of how Daddy and Junior have run this organization into the ground with extremely questionable (if not illegal) practices.

And, I'm going to share this with you.

Stay tuned.

PS - if anybody has a problem with this, please keep in mind that it took five minutes to start this blog and I'm archiving all of this information in a secure place. If you shut me down, I'll just show up somewhere else. This is my mission until First NLC is closed for good.

The Post That Started It All

2007-05-09T10:31:00.000-05:00

Imagine my surprise when I found my favorite Bakersfield Bubble thread detailing the decline of First NLC had suddenly disappeared. I'm not sure what happened, but I do know that this particular post had created a large amount of grief in the Deerfield and Anaheim offices. I'm guessing the morons in charge threatened the blog owner and forced him to remove the post.

In typical FNLC fashion, these bozos forgot that Google has a nice feature that allows you to access a cached version of a page in case the live version is unavailable. For your benefit, I am pasting this thread that details the events that have happened at this company for the past couple of months and I invite you to continue with your comments.

In the days ahead, I'll be passing along anecdotes and information about what is happening at the worst company I (and many, many others) have ever worked for. The formatting for this post is a bit messy, but you'll get the idea.

Enjoy...

Bakersfield Bubble
Bakersfield's Official Real Estate and Economic Site
Friday, March 30, 2007
First NLC ?
UPDATE: (hat tip to- mrktMaven FL)

First NLC to Shut Some Operations, Lay Off Workers (Update1)By Vivek Shankar
March 30 (Bloomberg) -- First NLC Financial Services LLC, a mortgage lender owned by investment bank Friedman, Billings, Ramsey Group Inc., said it will close some operations centers because of slowing sales of so-called subprime loans.

The restructuring will involve employee layoffs, Deerfield Beach, Florida-basedFirst NLC said today in a statement distributed by Market Wire. Spokeswoman Susannah Harter didn't immediately return a call seeking comment.Subprime borrowers, those with poor or limited credit records or high debt burdens, made up about a fifth of all new U.S. mortgages last year. Late payments on the loans reached a four-year high of 13.3 percent in the fourth quarter, the Washington-based Mortgage Bankers Association said this month.

``These restructuring actions, which include employee layoffs, are being taken in response to reduced origination volumes across the industry and align the companies' cost structure with the current operating environment,'' First NLC said in the statement.

Operations will be consolidated into facilities at Deerfield Beach and Anaheim, California, First NLC said. The company sells mortgage loans in 42 U.S. states.Shares of Arlington, Virginia-based Friedman Billings rose 1 cent to $5.52 in New York Stock Exchange composite trading today. The stock has fallen 40 percent in the past year.

Offices closed or the whole company?
From Brokers Outpost:
(1)Just got word from my good friend who is an underwriter there that they just shut down the entire office in Tampa, FL.
(2) Call the Downers Grove, Illinois office.. They are closed too
Also, from Brokers Outpost:
(1) They are done. Just got confirmation
From Brokers Universe:
(1) First NLC - Is no more
(2) Well, that may be true, but I work in the Tampa office and we´re finished..... and I´ve heard the same thing about our offices in Illinois
First NLC Financial Services is a top-30 national nonprime residential mortgage lender* known by successful mortgage brokers for its expertise in nonprime. We are a wholly owned subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), a leading national investment bank with headquarters in the Washington, DC, metropolitan area and offices located worldwide.

Posted by Bakersfield Bubble at 8:12 AM

74 comments: stockmania said... Good Riddance!

Fri Mar 30, 07:31:00 PM PDT FNLC_anonymous said... Don't go cheering "Hallelujah" just yet. First NLC Anaheim laid-off 15 employees out of around 50, today. They are still functioning for now. I work in that production center. The word from Charles Bryson VP of ops at this location is that they will consolidate wholesale with the Anaheim ops center. The company is still pushing forward with a reduced goal. What sucks is that this lay-off seems to be just the beginning of a slow spiral of a company that doesn't want to admit they are circling the drain.

Fri Mar 30, 10:33:00 PM PDT Bakersfield Bubble said... Thanks for the info fnlc_anon

Fri Mar 30, 10:53:00 PM PDT cheddar said... Anyone words on the retail side of FirstNLC, The Lending Center's future existance? closing? no? etc....

Sat Mar 31, 08:53:00 AM PDT gioperation said... This post has been removed by the author.

Sat Mar 31, 08:37:00 PM PDT Anonymous said... WE ARE NOT SHUT DOWN!~DEERFIELD IS UP AND RUNNING!

Mon Apr 02, 07:47:00 AM PDT Anonymous said... Well I worked at the Downers Grove Illinois office and yes it was shut down. On Friday we were told that in addition to us, Orange California and Tampa Florida would be shut down. Concord California was also shut down a few weeks ago. Sounds like the end to me, only one office left but for how long?

Mon Apr 02, 08:04:00 AM PDT Perfect Storm said... Oh yeah Deerfield will keep things going. Thank God for Deerfield. Get a real job.

Mon Apr 02, 09:08:00 AM PDT Anonymous said... Operations have been shut down in Tampa but they are still closing and funding deals. They kept the sales staff from what we are hearing.

Mon Apr 02, 09:16:00 AM PDT Anonymous said... What comes around goes around.....

Mon Apr 02, 05:33:00 PM PDT Anonymous said... I herd in Jan 2007 that Deerfield Beach Ops center was moving to Boca Raton, FL does anyone know if they are still moving?
Tue Apr 03, 07:01:00 AM PDT Anonymous said... From what I hear from people at The Lending Center(First NLC's retail division) they are closing 15-20 branch offices over the next few weeks.

Tue Apr 03, 10:17:00 AM PDT Anonymous said... Hello! I'm an AE from the Orange office, about to jump ship to a smaller lender. FNLC guidelines have tightened significantly making it difficult to generate loan originations. We're no longer subprime, and our Alt-A pricing is too high. First NLC has a retail division called The Lending Center in Anaheim. The wholesale division kept 12 ops people. The remaining 12 ops people moved back to the Anaheim office while our Orange office will be closed down. Basically, they're cutting expenses. Here's my prediction. The remaining 12 ops people are going to be slowly integrated into retail. The Lending Center from what I'm hearing is profitable. The Deerfield office just moved to Boca Raton in a larger office. Hence, I knew about the consolidation a long time ago. My feeling is that First NLC will close down all of the West Coast WholeSale division in about 60 days, then focus on RETAIL (where the money is at) as well as run wholesale operations out of Boca Raton using Broker Direct (phone) AEs that will work out of the Boca Raton office. I don't think First NLC is done. Just smart to down size!

Tue Apr 03, 11:52:00 AM PDT Anonymous said... First NLC has consolidated its ops center operation to the Corporate office in Deerfield Beach Florida. We downsized years ago when business slowed down and felt it necessary to do so again, as we intend to stay in this market. We are introducing new products and have scores as low as 500. Don't count us out! This downsizing is a temporary fix and we will be back as strong as ever once we are all on the other side of this cycle. We will be moving to the Boca location soon.

Tue Apr 03, 12:17:00 PM PDT Anonymous said... hahahahahaha ... FIRST NLC recruited me and I turned them down after meeting their chairman and president ... what jerks!

Tue Apr 03, 05:00:00 PM PDT Anonymous said... They recruited me to start training last week in the Orange office. 5 days before that I called the VP to voice my concerns over their relationship with the parent company (FBR) and was told they were great and expanding. I turned changed my mind and told them I would wait it out a little longer. Better to sleep with the devil you know than the devil you dont. Whew!!!

Tue Apr 03, 06:58:00 PM PDT cheddar said... I just got word that The Lending Center (the Retail side) just closed a few of the offices down.

Wed Apr 04, 11:22:00 AM PDT Bakersfield Bubble said... Thanks for the tip cheddar!

Wed Apr 04, 11:33:00 AM PDT CLOSER '07 said... YEP IT'S TRUE 20 BRANCHES HAVE CLSED TODAY. GUESS WHAT? NO SEVERANCE PACKAGE WAS OFFERED.

Wed Apr 04, 12:08:00 PM PDT NoRt3_CaLiFaS_X][V said... Which retail branches closed?

Wed Apr 04, 04:06:00 PM PDT NoRt3_CaLiFaS_X][V said... Which retail offices closed?

Wed Apr 04, 04:06:00 PM PDT Melissa said... lake mary fl, sarasota fl, daytona beach fl, 5 in fl overall. some in ca and some in tx from what i hear, i was transferred to the orlando fl branch which for now remains open.

Wed Apr 04, 05:29:00 PM PDT Melissa said... from what i was told by other employees severance was given to those who had been there a year, and it was a week of $..

Wed Apr 04, 05:30:00 PM PDT Whirl Wind said... The following is from one of my A.E.'s didn't want to hear what she was saying in Jan. Trust me she got in trouble from her regional manager off this email sent to a V.P. we all heard about it in opps., now I wish I would hve payed attention to her.

Thursday, January 18, 2007First let me say thanks for such a great company to work with – I really mean that. If there was such a thing, any longer of getting your gold watch at 50 years I would be getting that later, I am committed and always have been. Behind that I know you know there is a question.

We are not updating our guidelines, only working off flyers and the next day those are null and void. I need to know what our company wants me to present. Times have changed as we all know.

I can’t walk into a broker’s office and say we are okay with 5% of funds not seasoned and they do not have to be used. Have that broker take a full week of their time putting the file and borrowers together only to be told on that same day – “oooo, So, SORRY no can do". Know that I know this is a very fluid business and I can adjust to what you want. I only need to know what it is you want… We were going to do First-Quall and that went away, we were going to use more brokers credit and that was supposed to happen quite a while ago, yet is has not.

No reliable updates to guide lines, only flyers and they are not always correct at the end of the day. I feel my tool kit has been taken away. What do we sell? We need a bottom line exceptions can come after we actually know what our guidelines are.

At the end, the bottom line is, I want to stay a viable member of this company. Can we update our true guidelines? What is it we are doing – offering, negating and requiring? That gives an idea where “make sense exceptions” are okay. Or, are we on our way out and not putting necessary effort in? I just need to know the bottom line. I will sell more loans as soon as I know what we are really doing. I know you will not hear many tell you this but I will tell you many are thinking it. We need to know… I need to know are we on our way out, as all are putting in a ton of effort in here. The company is not following through on things that were to happen…. Again I understand the market – at the same time I know good business.
Dave BrigmanFri 1/19/2007,your frustrations concerning the use of fliers VS updated guidelines, not using the brokers bureau, First-Qual, etc. are coming thru loud and clear. As you said, the market is dynamic and ever changing , more so today than I have ever seen in the past. We are working diligently to ensure the proper direction of the company, and as a member of the senior management team, I can assure you that we are not "on our way out". We have signed a 10 year lease on 120,000 sq. ft. to relocate our corporate head quarters to Boca Raton, we are hiring sales and ops people each and every day, and our parent ,FBR, is 100% supportive of our direction and efforts. I appreciate your concern and while the continuing events in our industry are unsettling, I believe you are with the best subprime company in the industry, part of the best sales force and operations support in the industry and you have a senior management team with the experience and knowledge to guide the company thru this unfavorable business cycle. I will address the issues you surfaced in you email and try to resolve them in a timely manner. Thanks for taking the time to express your concerns.

I send this with every best regard

Wed Apr 04, 05:54:00 PM PDT FNLC_ORANGE_CA said... WED.,04/04/07, 5:30PM PST. Anaheim, CA branch meeting with ALL VP staff and senior staff of the ops center present. Charles Bryson VP of Ops last week was given the scut work of laying people off, with some of the most VAGUE and AMBIGUOUS information for the rest of the Anaheim center - in regards to the future of things. He indicated that "Salary Increments" that were promised before the hiring/promotion freezes would be now honored and implemented. Today, Tim Walsh another VP of this and that along with Kevin Rainey another VP of this and that were there to tell us (Tim does most of the talking) that today they closed 16 branches. He indicated that with that restructuring there have been "voluntary" demotions. We were also given told in his words, "That the company today is stronger than it was yesterday...and that the water cooler talk should stop." Because they did what was "required", and again, "the company is stronger than it was yesterday." Another set of ambiguity for people who hold this company us by being salaried with no sales bonus or increments that these corporate big wigs get just for being there. they have added the Orange, CA wholesale division to our offices and supposedly this is going to make us stronger in order of reaching our goal of $200M. Now, again this was downsized from last months goal of $300M (which FBR said was required in order for them to back the Henchel family's business). Good ol' Charlie's last meeting it was stated that we were now staffed to meet $250M.With all the ambiguity and BS that these guys have shoveled to their employees it makes you wonder how things really are. "Chucky" was kind enough to tell our staff to stay off the blogs because people on these things don't know as much as he does. Ok, so how much do you "dumb" folks out there know? I know there are some people reading this that have worked with the company, as well as those that have not. But what really pisses me off about these pricks is that they treat their employees like dumb cattle. Why keep working for them, I need the job. There are thousands upon thousands of folks that have felt the big mortgage lay off. I guess by putting this out there it paves the way for open discussion and REAL facts to start pouring out about how this company is REALLY doing.If the Henchels, FBR, Charlie Bryson, Tim Walsh, Kevin Rainey, or some corporate lackey of this institution your communication skills are perfect for the most eloquent bull $#!t artists. Especially Tim, who today had to preface everything with the disclaimer, "Well, if you think that I know what the market is going to do...I don't...so I can't make any promises...but if I hear something, you'll be the first to know." This from the same guy who said "NO LAY-OFFS" when Argent was laying off. Plus, it gets even better, when Charlie said, the layoffs weren't "personal". Tell that to the folks who you laid off. Am I an angry employee? Yes, but how many people like being continuously jerked around by an organization who thinks they can just not say anything and call it honesty? Makes you wonder how much honesty and integrity there are in each of our loans.

Wed Apr 04, 07:00:00 PM PDT Anonymous said... if fnlc is still accepting apps then where do we send them? or who do we contact to even see if we can submit?

Wed Apr 04, 09:07:00 PM PDT anon4this said... For all of the remaining employees outside of DFB, I would suggest you find alternate employment before you're told your office is shutting down. That new office in Boca is going to cost a lot of money and they're cutting costs to make sure they get in the door.
It's looking more and more like they plan on shifting all operations to the new building and phasing out everyone else.
With all the office closures going on this year there seems to be one thing in common between them all, shut them down and have the next office clean up the remaining mess. Rinse and then repeat.

Thu Apr 05, 10:14:00 AM PDT bologne said... I must say that my experience with FNLC has been awful at best. Senior management in Orange CA did nothing but hide in his cave behind his desk. I made a serious mistake when I chose to work for FNLC. Best of luck to those of you who are able to make it work.

Thu Apr 05, 05:27:00 PM PDT FNLC_ORANGE_CA said... What was posted by fnlc_orange,ca is pretty much on it. Tim Walsh, Kevin Raney, and Charles Bryson were all at that meeting. What went down was funny, Tim Walsh did have a meeting before this round of layoffs; and this time it seemed as though he was crapping his pants trying to keep people motivated. The whole mood was somber to say the least. I guess I am not the only one who is looking at these jokers for what they are: a bunch of lying corporate big shots who still want their pay, but are willing to screw over the sorry saps who pay their salaries and bonuses!I was thinking about writing to the Henchel family because we have their email addresses, but I don't think that's going to go anywhere. So I guess the other folks that work with this company need to start posting more stuff on here, because hopefully it gets back to those A-holes. They do treat their employees like crap. For those that have dodged it and gone elsewhere, you might have been laid off but at least it was with a company who gives a rat's behind about you. I'll give you an example, our Docs department is always the last folks out of the building. Always much later than everyone else because they have a kiss ass of middle manager named Johanna Dolar (spelling might be off). But all of our AMs and SCOs knows she's closer to Charlie than any of his gonads. Her people suffer because of this. Anyone submitting loans can do it through the wholesale division, but good luck with that. These folks came into the office, on their first day, wearing PJs & flip flops. Plus, I think that in order to get hired for that department, it was a prerequisite that you have more ink in your skin than in the pens at your desk. The sad part of all of this, is that I have a few AMs on my retail team that can't add or subtract very well, and despite my attempts at removing them Charlie and Kevin seem to have different ideas on dealing with them. My advice to the folks in the company that are reading this do what I am doing, keep quite about reading up on this company, but don't wait until you are the next poor schmuck to get the axe. The aggravation these pricks give us and feed us is worth screwing them in the end with a smile, a letter of resignation, and a warm cup of "shut the F- up". I can't stand it when the Walsh gets up there and acts like he's some big business guru! God I can't wait to get out of this dump!

Thu Apr 05, 09:37:00 PM PDT WIlliam said... On the conference call for The Lending Center, Tim Walsh sounded PRECISELY like Mariano Demarin in November, 2005 when he proclaimed that the first round of cuts made Ameriquest STRONGER. I fear the same future for The Lending Center. They are in a more dire position than Ameriquest as their parent company has less cash on hand and less flexibility than Roland Arnall. We kept hearing about how strongly capitalized the parent company was but it is not like FBR can or will throw a lot of their investment capital into First NLC.
I estimate the average branch closed between 10 and fifteen loans in March of this year. I would guess that is as much due to demotivation as to the new guidelines, lower commission structure, a pool of leads with more above 700 than below and the appearance that underwriting would rather drink battery acid than close a loan.
My ethics keep me from doing so but I would wager my measly base salary that half of the folks in my branch have developed an "alternative pipeline" for their loans.
Wish me luck on the Titanic.

Fri Apr 06, 04:48:00 AM PDT FNLC_ORANGE_CA said... I work in Orange and a friend in the office told me about this blog. There are a couple of folks on this site that work for the company in Orange. My question is how long do we have. Tim Walsh keeps saying that we will be the first to know if anything happens, but so far the first thing that anyone seems to get from him is the last thing that they want to hear: layoff. Is there anyone out there that knows just how bad off our company is without being to pessimistic because of the state of the market. I'm beginning to wonder if business like this will become extinct as the housing market doesn't look like it will be yielding very much profit for anyone. Does anyone have a clearer answer than emotion or crap this company has been shoveling?

Sun Apr 08, 06:28:00 PM PDT Isaac said... The Henschels are "good" people!
Tue Apr 10, 12:28:00 PM PDT Anon4You said... People... really... I'm so tired of reading all this "FirstNLC bashing". Have you not heard that we live in America? If you are unhappy with your job and management at FirstNLC, you always have the right to look for another employer. Stop complaining here and do something constructive! FirstNLC does offer good products and is still open for business. Would you rather be in the unemployment line along with hundreds of other people whose company simply shut their doors without notice, without pay, without their 401k money like Ownit did? Help us remain a viable company with your positive input, or please find employment elsewhere. Thank you.

Tue Apr 10, 06:31:00 PM PDT tolate said... Does anyone have any human resources horror stories because I know that I am not the only one? What about the verbal threats made by management to employees who couldn't always stay and work o/t? My employment was terminated while out on disability.Did any of you work in the Orange WholeSale Operations office? I did and I have to say that the treatment which I received was horrible. Jennie Hales the Operations Manager was a real nightmare. Now here is a woman who knew how to get her POINT ACROSS.....by yelling over the office intercom system. You could hear this woman yelling at S.C.O's in her office between 3 and 4 pm every afternoon,and her door would be closed. Jennie was in the habit of making an example out of people; I have never seen so many loyal and faithful employees be thrown away like yesterdays garbage. At least the employees in the Anaheim retail office had an opportunity to be laid off Jennie terminated employees simply for standing up to her. I mean this woman didn't even know how to use Pro V and was telling us what we were doing wrong...gimme a break. All retail employees should be thankful, because Orange wholesale employees had to work many looooong hours, were yelled at on a regular basis by Jennie Hales as if they were small children (LITERALLY) and "EXPECTED" to give up any and all of their free time outside of work to further the success of the center, for her name sake.Orange Ops was a very stressful environment to work in.I know an u/w who tried to leave work on time to go and visit her terminally ill grandmother and was told by the Ops Manager not to come back if she did not stay and work the o/t. I would have welcomed the opportunity to work for and with Kevin R, Charles Bryson and Tim W. Trust me folks, if you think Anaheim retail is/was a bad place to work you are sadly mistaken, you would have begged to go back to retail after spending two days with our Ops Manager.

Tue Apr 10, 11:35:00 PM PDT AnaheimRetail said... Jennie Hales sounds like an exact clone of Joanne Dolar. However, I'm guessing that they are not the only ones with the (Yelling/Abusive) syndrome. 'tolate', I support your complaints whole heartedly, but what you felt in your branch you get much of the same in our docs department. I sat outside this department for sometime and there is at least one post on here that agrees how abusive this woman is to her employees. In regards to the mandatory overtime, the new HR manager in our office Carolyn Shimono does her best to side skirt the issue because she is too new to the office. I think that this is an abuse that this company will end up being sued over. There are those of us that have talked regarding why it is so difficult to break away from the job in times of personal difficulty like deaths in the family, children being sick, or spouses job schedules playing havoc with the schedule that this company ramrods down our throats. I do empathize with 'tolate' regarding the loss of the job. To the anonymous few that have stuck up for the company in the previous postings Tim, Kevin, Charlie, Henchel family kissing your own ass doesn't make the fact that you are the reason why there are so many good folks out of jobs and why this industry is so messed up. If there is justice, I do hope that in whatever class action is taken on the mortgage lenders you also pay for your abuses in regards to your employment practices. Amen to those that are posting the truth.

Wed Apr 11, 12:06:00 AM PDT VeeGee said... In response to the overtime, First NLC is being sued. There are about 1300 people currently involved in a class action lawsuit against them. There is no charge to you. Pending the outcome, you would receive money based on the settlement amount left after the attorneys take their fees. I do not know how (if any) money would be distributed among the people involved in the suit

Wed Apr 11, 07:47:00 AM PDT cremater said... First NLC is done, they just either dont realize it yet or refuse to admit it.
I have had the unfortunate experience of going thru this with 3 other companies in recent months. All of which behaved in exactly this same manner just before imploding completely. I got out of First NLC a month ago being smart enough to see the writing on the wall. The most notable one is Ownit Mortgage Solutions.
If you stick around with First NLC till the bitter end, you will do far more harm to yourself than if you get out now. With litterally thousands of recently unemployed, experienced wholesale and retail mortgage professionals currently flooding the job market, if you wait another 90 days to get out and secure yourself a new position you may find it impossible to find employment again within this industry at any level. Not to mention that when First NLC finally lays down in the grave it has dug itself you will not get your final pay or have access to your 401K due to the fact that they WILL file bankruptcy to protect thier upper management and owners.
If it looks like a duck, walks like a duck and quacks like a duck, the chances are pretty darn good your lookin at a duck.
Protect yourself, your income and your future, get out now while the getting is good.....or at least not as bad as it will be 90 days from now!

Wed Apr 11, 10:49:00 AM PDT T_assrose said... I can tell you the end is near. The parent company will start to investigate the compliance in the branches esp on the east coast. Once FBR goes into these branches and sees all of the non compliance problems and all the neglect the area managment is doing they will close them. We should have seen this coming they screw their customers 10x over what did we really think they would do to their employees?

Tim, Chucky, Neil... shame on us for buying your sales pitch!
Wed Apr 11, 11:32:00 AM PDT NoRt3_CaLiFaS_X][V said... The Austin,TX retail branch was closed 1 week ago today. No notice, no severance, and no pay check yet. We were told on the day of our closure our pay check would be arriving by FED EX that day or the next- I rec'd nothing. I phoned the payroll dept., in Deerfield and was told Austin,TX was not a branch that closed. HELLO? I'm sitting on the curb at my apt., complex trying to get my rent paid! After a call back I was told my paycheck will be given to me on my regularly scheduled pay date. I have not rec'd anything in the mail about my benefits, 401K options and etc. Previous blogs stating for the remaining survivors to get out now will probably be the wisest as I'm making sure my 401K will be transferred to another account and my paycheck is on its way. This financial set back could not happen at the most inconvenient time.

Wed Apr 11, 12:36:00 PM PDT tolate said... I'm curious to find out whether or not employees who have been laid off are going to receive their "guaranteed paycheck" today. I know for a fact that the employees in the Orange Wholesale building were promised two months severance pay before they were let go......"Best of luck everyone."

Fri Apr 13, 07:17:00 AM PDT Whistler said... I've just come into some really interesting info for those that are interested. Apparently West Coast Retail has just inherited the headache of doing all the compliance work for the closing branches. The most interesting thing is that I heard that something happened with a Federal audit either at DFB branch or DFB corporate. I can't confirm this, but I guess there was something that happened with the company not being compliant with how they were handling adverse action. Now the boxes are mounting and the West Coast Ops center is receiving boxes in the droves of estimated 100 boxes a day or some absurd number. What is more interesting is that before these boxes make there way out to CA, the company was faulted for not following Federal standards of record keeping. Compounding this I hear that Cindy Kano (the manager in charge of this debacle) has a staff of about 3 to 4 in house folks that are being assisted by the closing department. So as these files that have been haphazardly thrown into boxes make there way to Anaheim they are now being filed by an understaffed group of people being assisted by a group of folks who really aren't trained to do what the Feds are asking of the company. Sounds like fishy business to me. Anyone else think a cover up is in the works? This company stinks to high heaven!

Sat Apr 14, 06:36:00 PM PDT 123FUQFNLC said... Does anyone know how are final pay was affected by that promissory note they made us sign before we got laid off? My pay was direct deposit, a lot of good that did when I got the shaft! I looked at the numbers and did some computing but I still think they are screwing us somehow. Anyone else having a problem with the numbers adding up to what they are supposed to have gotten? Do we need to get a lawyer involved with all this sh*t?!

Sun Apr 15, 06:55:00 PM PDT runninginorangecounty said... This company is one of the worst to work for! Jennie Hales is by far the WORST managers!BTW: More layoffs are circulating about this Friday

Wed Apr 18, 02:16:00 PM PDT tolate said... runninginorangecounty I used to work in the orange wholesale operations center and I agree with you, Jennie is by far the worst manager.......EVER,EVER,EVER. Unfortunately many of the things which she said and did to us will never be known and that is sad because she got away with it. What is the reason why you feel that she is the worst manager of all? Anaheim retail seems to think that they had the worst management staff....I think not. I have worked with Kevin R, Tim Walsh, Jennie Hales,Kent Cope. JENNIE HALES is the worst manager of all and I have the right to say this because I have worked with all of them. Jennie should be punished in some way for the way in which she treated the employees in that office,the verbally/emotional abusewas ridiculous.......seriously.I am sorry for anything that was ever said or done to you by Jennie Hales, I wish you the best!
Wed Apr 18, 08:47:00 PM PDT gtp4820 said... Working at the Lending Center was the biggest joke in the world. It's all politics over there. All the SCO's are friends and they're all idiots. None of them know what they're doing and are the laziest people I have ever met. Joaquin got what was coming to him, all he did was bet online all day long at work, and no one even cared. The employees are in denial if they think that TLC is going to be around much longer. FBR is in financial trouble and probably won't back them much longer. I would advise anyone still working there to get out! It was fun working until 10 at night and not getting paid for o/t. There is currently a class action lawsuit against them and the current/former employees have a real case against them. We were not allowed to go home until they allowed us to and we weren't even paid o/t! Working there was the worst 10 months of my life. Leaving there was the best decision I've ever made. If you talk to Joaquin tell him I heard Ameriquest is hiring. That was his favorite line. All I can say is karma's a b*tch. Good luck to all the people there, the smart ones already left and the rest that stick around deserve what they get.

Thu Apr 19, 01:46:00 PM PDT joet8:) said... just cuz he'z a blowhard! read an enjoy.
From: Charles BrysonSent: Thursday, April 19, 2007 12:16 PMTo: Joanne P. Dolar; Susan Martin; Cecilia Urrea; David M. Hundrieser; Michele Bowden; Veronica Barrientos; Amanda Walsh; Ariana Mendoza; Celia Sanchez; Chris Ferrante; Christine Nakamura; Claudia R. Valentin; Crystal Nash; David Ortega; David P. Pham; Douglas Sajonas; Feeu Malesala; Giang "Kathy" Pham; Gregory Pitts; Helen Bui; James Erwin; Jeanette Tobar; Kate Nguyen; Kathy Pham; Lara Reynolds; Laura McCarthy; Loretta Evans; Louie Patin; Maria Gomez; Maribel Zamora; Mario Beal; Marisa Calhoun; Pauline Jeffers; Raul Gatewood; Rich Lewis; Rocky Flores; Ruth Trevino-Mejia; Silvia Salgado; Sopheareak Langi; Susana Valenzuela; Tasha Turcotte; Tina Vu; Vanessa Williams; Victor Flores; Vincent Laguana; Adrian Trejo; An Nguyen; Andy Rocha; Belinda Del Toro; Brandie Cruz; Brooke Fay; Cinthya Velazquez; Cristina Moloian; David De La Torre; Elsa Alvarado; Elsa Myzel; Jackie Le; Jennifer Amaro; Johnny Medina; Katherine Cortez; Kristen Majerus; Lesley Wiles; Luis Arreola; Maria Caudillo; Maria Cook; Maria Mendoza; Marie Pierre Veatch; Melanie Sewitsky; Morea Jimenez; Nicholas Devey; Norma Camarena; Osio Aluwoade; Roseanna Facundus; Sofia AnisCc: Tim Walsh; Kevin RaneySubject: Production

The past few weeks we have made numerous changes to our company, but after all is said and done we are in much better shape. Just to mention a few positive changes we have lowered our pricing, expanded our leads, increase some LTV vs. FICOs, removed the salary freeze, lowered the entry level for bonus and we are moving to a larger space next month. Yet, I continue to hear grumblings, rumblings and blogs that we are in trouble, from people who have no more information that you do. The production branches are taking applications and the submissions will follow. It is time for all of us to stop living in the "doom and gloom" world, project a positive attitude towards our jobs and company .

We are in a very solid position, well capitalized and have a very solid business plan and are here to stay. If anyone doubts this, then please have them come see me, so we can resolve their doubts. Let's every one focus on our #1 priority and make loans.

Charles Bryson
Vice President, Chief Credit Officer
The Lending Center
1900 S. State College Blvd.Ste. 120Anaheim, Ca 92806Phone (714) 978-2774 Ext. 9128Cell (714) 476-6878Fax (714) 385-8164
why do they alwayz tell us to come to their office? so they can see oiur faces and remember who to fire next? Wonder how long this bs is going to last.

Fri Apr 20, 08:31:00 PM PDT DFB3at541T said... Working for this place was the biggest mistake of my life. The Anaheim branch lucked out in way of not having that many folks get axed. We at Orange got screwed! Jennie just remember when you are out of a job, someone you screwed will be your boss or a co-worker who will remember you. Everything that you put us through will come back to bite you in that fat ass of yours. Oh and btw most of that $320M investor kick out problem post-closing is trying to solve is YOUR fault!
Hey senior management, how long do you think you can hide that $MMM screw-up you have sitting on the second floor. Does FBR know what you are hiding? There's only so much Susan Martin and her crew can do. That's why in this business you were supposed to have "due diligence" not do whatever whenever!

Fri Apr 20, 08:52:00 PM PDT T_assrose said... Wow ...... News just in!! yet another manager from Ameriquest who was brought over to be a branch manager Has been Demoted to an Loan Officer! Welcome to the REAL WORLD T.A! To all of those that still work at THe Lending Center give our boy T... A....... a big hand. Get on power hours stay untill 10 pm, never be allowed to be sick or have to miss work! oh yea and have Corp shoot your loan down unless your charging 5 points! Its to bad you wont be able to make up VOE's like you used to do!
Golf Clap.... Down with the evil empire known as The Lending Center and First NLC! One word for you T... A....... KARMA

Tue Apr 24, 08:17:00 PM PDT T_assrose said... Wow ...... News just in!! yet another manager from Ameriquest who was brought over to be a branch manager Has been Demoted to an Loan Officer! Welcome to the REAL WORLD T.A! To all of those that still work at THe Lending Center give our boy T... A....... a big hand. Get on power hours stay untill 10 pm, never be allowed to be sick or have to miss work! oh yea and have Corp shoot your loan down unless your charging 5 points! Its to bad you wont be able to make up VOE's like you used to do!
Golf Clap.... Down with the evil empire known as The Lending Center and First NLC! One word for you T... A....... KARMA

Tue Apr 24, 08:18:00 PM PDT anon4this said... As of the news today I'm pretty glad I got let go when I did.
Looks like the whole subprime industry is dying faster day by day.
Prepare, Prepare, Prepare.....

Wed Apr 25, 07:45:00 PM PDT joet8:) said... This post has been removed by the author. Thu

Apr 26, 01:12:00 AM PDT joet8:) said... In my brief tenure with this company I have noticed that there are a lot of just plane stupid, lazy, and otherwise unprofessional people that got hired right before the "culling of Charlie's herd". Now mind you this is strictly observations from Orange and Anaheim, but I am sure there are similarities all over. For the most part the problems with Joaquin and his team illustrate the stupid. I will say that this comes from the Ameriquest factor. Then we move on to the lazy factor, what I like to call the Aames crew. These are folks that good ol Chuck B brought over from that septic tank of a company. Actually, that would be insulting the tank. All I can say is that the joker they have sitting at their help desk in Anaheim is just a moron who sits and surfs youtube. All the while he bitches people out for doing the same, threatening them with getting them written up. Yet ask for some serious help with a technical question, and the jackass acts like it is beneath him or the end of the f!ing world. I guess they didn't explain what "help desk" meant. Last but not least, we close with UNPROFESSIONAL, you have Aames people like Karen in docs a lady who makes sexual harrassment look like a sunday school lecture meanwhile doing absolutely nothing at her desk all day, a conforming crew who were probably hired out of a re-hab center, a receptionist who can't transfer a call because she's too busy giggling over the intercom or is just too lazy to look up a name. So the question I have is, how long does a ship of fools, being led by a confederacy of dunces (yes Timmy boy that means you too), have while sailing in a sea of ---- all before it all goes under?

Thu Apr 26, 01:15:00 AM PDT WIlliam said... Conference call today..Will they announce the sale/shutdown? Will the Chris Marmlejo Call Center be the only retail branch at the ned of the week? Will Tim Walsh KMA??

Thu Apr 26, 02:02:00 PM PDT gtp4820 said... uh oh. FBR not doing so well. $185.9 million 1st quarter loss...how much longer can they stay afloat??
http://www.bloomberg.com/apps/news?pid=20601087&sid=aVpS4zKPraHs&refer=home
Thu Apr 26, 03:50:00 PM PDT Bad Karma said... People of The Lending Center, go make as much money as you can and do as little as possible to earn it. The company won't be around that long and there's no such thing as loyalty there. I just heard why Tim Walsh was forced to leave Ameriquest and it had to do with loyalty. If you can't trust the guy running it, how can you trust anyone there? Ask the people from Enron if they saw it coming. Sales people make friends w/ brokers. Ops people go back to school as this industry is pretty messed up. There's a reason why BofA, Wamu, Wells are where they are...they don't charge 5 points on a deal. They don't come from the mentality that you can outrun problems with lots of attorneys and lots of production. Be proactive, not reactive if you want to survive.

Thu Apr 26, 06:50:00 PM PDT twalsh@douchebag.com said... Dear Bad Karma,
Amen to you brother or sister. Tim Walsh is a bag of douche or bag of crap or nut sack timmy as I like to refer to him. He and Kevin Raney are always seen smokin' their cohibas out in front of the building or in the parking lot, while we bust our asses trying to make them more money. I just found out that our Compliance Team had a member walk out because the work was too overwhelming. The docs department doesn't seem to be too happy with all the work that they are doing. Apparently Janine from upstairs refuses to help. Docs ended up shipping out about 80 boxes compared to her measly 1 that she and her lackey staff muscled out in the same day. That is the purest form of ass backwards unity and loyalty that Tim Walsh promotes. He badmouths Ameriquest and the folks that were there, but from the talk around the office it's amazing that Mr. Arnel didn't castrate this industry's biggest incompetent when he was working there. But lets get back to the matter at hand. There is a big push to get this compliance project done because of a move to the 3rd floor in the next week. I wonder how efficient things will be when submissions to docs have been reduced to less than half of what is projected to be done monthly? For those administrators, that are reading these posts, like Charlie (and the cronies of "Win-henchells" lenders of America) read these posts - how can you morons claim that you are stronger than you were yesterday and then insist that there are people that don't know what is going on. Is it your hope that by being so vague on our conference calls and our staff meetings that you keep your employees in the dark as well as insisting that they do not find out the truth by insisting that they keep from communicating on these blogs?
It is my sincerest hope that your business fails, that there be massive lay-offs, which will bring to light the abuses that you've put us through and continue to put us through ultimately culminating in law suits that see your fat asses in the hot seat. Because you will end up explaining why the Henschel family is reliant on their crooked lawyer sons in keeping them out of jail and the poor house.
Best regards Tiny Tim

Thu Apr 26, 11:28:00 PM PDT Bakersfield Bubble said... Subprime mortgage fallout hits FBR

Thursday April 26, 12:43 pm ET
Friedman, Billings, Ramsey Group, which is considering the sale of its nonprime mortgage unit, reported a steep quarterly loss from losses and write-downs at that division.
The Arlington-based company had a first-quarter net loss of $185.9 million, or $1.08 per share, compared with net income of $26.6 million, or 16 cents per share, in the same quarter a year ago.
FBR said in March it was evaluating alternatives, including the possible sale, of First NLC, which is FBR Group's non-prime mortgage origination business. The company now says it intends to act on those alternatives sometime this quarter.
"This has been an extremely difficult operating environment for the entire non-prime mortgage banking industry, and it has resulted in a series of distressed sales and bankruptcies," says FBR chief executive Eric Billings. "We believe that FNLC's management has taken aggressive steps designed to limit foreseeable major risks with respect to the business."
In the meantime, FBR says it has substantially tightened its lending requirements and has reduced the amount of subprime mortgages it will originate this year by 75 percent.
FBR shares (NYSE: FBR - News) rose 3 cents to $5.91 per share. The company's stock has lost about a third of its value in the past year.
http://biz.yahoo.com/bizj/070426/1453477.html?.v=1

Fri Apr 27, 08:11:00 AM PDT T_assrose said... I think Jim Morrison said it best when he wrote the song that was best used in apocolipse now.
THe END.... I can hear the music! Timmy, Chuckie, Neal and all the rest of you dirt trash that ruined the lives of so many. Take your final curtain call because the feds will find you!
It is sad and I do feel very bad for the innocent hardworking souls at The Lending Center, and FirstNLC and I wish you all the best in finding a job. But you should have jumped ship when you noticed water on the deck you had enough warning.
A special Shout out to Brad R in region 2 Wise choices to your managment staff there in area 9. Way to fill it with ameriquest flunkies! I applaude you!

Fri Apr 27, 09:23:00 AM PDT Anonymous said... For those intent on slamming First NLC, who have moved on to a new role at a new company, why not focus your time on being successful in your new career? For those still employed by First NLC who choose to disparage the company, why bite the hand that feeds you? Why not quit? Doesn't pay much, does it? As a former employee of First NLC, I'm thankful for the opportunity and the paycheck. Notwithstanding a few bad managers, which no company likes, and probably sneak by when they shouldn't, I'd remind you that Neal Henschel began this company 27 years ago, and ultimately employed over a thousand. Jeff Henschel, the president, works more hours than anybody I know, and ultimately sacrifices hours, days and weeks with his own family, in order to keep the whole thing going. The market is as tough, if not tougher, than it's ever been, and while it's easy to point the finger, why not take an app, process, underwrite or close a loan, or for those unfortunate enough to have lost their jobs, find a new one? For those that call others unprofessional, using vulgarities, look in the mirror and ask yourself if you are indeed a professional, yourself. There shouldn't be any revenge here. Make the best of it. I no longer have any loyalty to First NLC, as I've moved on, but the last thing I'm going to do as a professional is slam a company that's been successful for many years and provided me with the means to feed my family.

Fri Apr 27, 07:33:00 PM PDT T_assrose said... Wow I think we all should take a second and say Thank you to Neil and Jeffs family for writing such a sweet statment about them. It is clear that being dirty and a liar runs all throughout their families!
What gets me about the self pump up statments is this.Does it really make you feel better about what you have done to so many innocent people when you have someone or you yourself write a statment saying how wonderful you are.?????????????? Really if these blogs were false why would there be so so so many similar stories all over the country from both sides wholesale and retail?
Fact) I saw illegal things being done! Managers both Area and Branch commiting fraud to get a loan through. When you tell a loan officer to just get someone on the phone at a time when Corp is calling to do a VOE and just say they gave worked there X amount of years and X amount of dollars is that not fraud? I am sure that this happened all over this company. That is what happens when you invest in people who were already crooked from Ameriquest. And as for compliance. Adverse action forms were always doctored in one way or another. Peoples credit reports just sitting out everywhere. How about alcohol being consumed by managers while working on loans and calling customers to badger them into why they dont want the loan. I can go on and on but what is the need everyone who reads this knows its true company wide! So keep writing statments to pump yourself up TIM,NEIL,CHUCKIE,JEFF its makes for good yarn.

Sat Apr 28, 08:41:00 AM PDT matto said... T_assrose - You’re an Idiot. The frank reality that you witnessed illegal actions and did nothing about those actions means that your either a weak puke or you were apart of those actions. If you were an employee and witnessed illegal or unethical actions – it was you’re responsibly to report these actions to someone in management.
There is nothing wrong with employees standing by their company. And, there is nothing wrong with employees helping the company resolve employee behaviors that are not business like.
The Mortgage loan business is in a crisis. Thousands of employees have been displaced from their jobs. Either be apart of the solution or move on to another industry.

Sat Apr 28, 05:23:00 PM PDT T_assrose said... Hey Matto ... It was reported you @#%$# hence nothing was done! And I left the company!.
My whole reason for reporting it here was to prove that I did report the activities to Management and nothing was done. So before you spout off about nothing you know learn the facts! Management all came from the same crooked company that did these things do you really think they would turn on each other!

Sat Apr 28, 09:10:00 PM PDT matto said... You’re suggesting that I've been aware of employees creating altering documents? If so, you are way off base. I’m glad to hear that you’ve moved on from the company, good luck where you have landed.

Sat Apr 28, 11:33:00 PM PDT whocaresanymore said... First NLC is a mere pimple on the sub-prime ass. I was a manager 2 years ago and could not get loans done then. Charlie would kill deals for no reason at all. Half the names on the email thread are old ameriquest underwriters, and probably cant believe how ineffective First NLC is, compared to the quest. Stop crying and move on, First NLC is a third rate company and most remaining managers are a joke. 90% of the apps being taken are being passed on to brokers like me. Hey Charlie "Sempre Fi"

Sat Apr 28, 11:40:00 PM PDT T_assrose said... Not crying just putting the facts out there. Not like I would expect you or any other manager with FIRST NLC to know what the word FACT means. I doubt you ever did a loan that had any factual base to it.
If you dont care then why waste time to post smart guy. I know I know I know you dont care you just wanted your point heard and to get your worthless 2 cents in.
If you dont like the post that are made then dont read them. Its pretty simple. I am sorry that your company is going down and that you are being run by a bunch of common 2 bit felons
Sun Apr 29, 09:44:00 AM PDT DirtyFNLC said... Hey all you "anonymous" posters (more like posers) out there that are claiming FOUL on the negative comments, I say AMEN to the anonymity of a typed message. Because if we could just see who was typing your stuff up, I'd go out on a limb and see people who have benefitted a bit too much from kissing ass or the head honchos that had their asses kissed. With that I say BRAVO and Kudos to Henschels and their HENCHfolk who've stopped in to put up their "We'z is good pe'po, why you gotz to be messin' with my image!" The sad fact is that there are negative comments on here, because despite being a place that put money in our pockets to feed our families IT WAS NEVER ENOUGH for the CRAP THAT THEY PUT US THROUGH, and for those that are still in the company - for what they are STILL putting those people through. We all had a choice, but it went beyond that when they started abusing people and started treating them like slaves. Neil Henschel back in May 06 came out with a memo talking about how he has treated everyone like family since the start of the company. But if they were and are family, why did they get sued over overtime? Mind you these are lawsuits that have closed in favor of the plaintiffs or they are pending settlements for the plaintiffs. 1,5,20 people in one office may be just bad eggs. But when people in offices in different counties and states start doing this, I begin to think that the bretheren of the Henschel Society of Saints is about as holy as a West Hollywood prostitute.
You've run your business like Ameriquest, Aames, and New Century - is it a wonder that's where most of your bottom feeders like Tim Walsh came from. You lay off someone like John Rojas (who has had years of experience and was one of the highest paid SCOs) because he produced in whatever team he was on, only to keep someone like Pauline Jefers who can't seem to do simple math (all because she earns less) and can't move loans as fast as Rojas could. Wow! What a concept! Keep the more incompetent less paid individual, so you can attempt to get more halfassed work submitted and pray that it gets through.
Again, bottom line, folks keep writing in with your complaints because it does do you good (for both mental and physical health) to get out all of the stress and abuse that this company dumps on their employees. Don't allow the big bad wolf to keep even this freedom supressed. They try to manipulate your daily lives so much already. I mean God forbid that your child has a birthday party on a weekend that you requested months in advance off. Imagine asking a question like that, "Can I please have my weekend off?" And of course getting a reply like "Uhm, yeah, 6 months isn't advance enough notice." That's family for you. Do you think Neil Henschel missed an anniversary or a T-time when this industry was at its peak? Or how about Tim Walsh's mother-in-law's birthday? Did he have to beg Jeff or Neil for that day off? But let's be fair, I mean they did buy us scrumptious meals of garbage when they've kept us locked up until mid-night to get loans out! C'mon where's the loyalty to a company that buys pizza hut, togos, or 2-fer specials from Weiner-sh!tholes. Yeah, I guess that carried over from Ameriquest, Aames, and New Century - bribe your dumb employees with free fast food and you can make them stupid slaves forever.
Henschel family you and your illegitimate family of VPs will have your day of reckoning. Whether it be in a court room, arbitration, or just a federal shut down.

Mon Apr 30, 10:21:00 PM PDT joet8:) said... matto, c'mon kissing ass won't help now. I think we all need to re-read our memos. DirtyFNLC, I think this is the one you mean -
From: Neal Henschel Sent: Tuesday, May 23, 2006 3:09 PMTo: firstnlcfinancialservices@firstnlc.net.Subject: Message from Neal Henschel
To all members of the First NLC team: In the 20 years that we have been in business, almost nothing has remained constant-- not the origination market, not the secondary market, not technology, not rates, not our company's programs, and certainly not the overall economy.Only recently, for instance, rising interest rates and a flattening yield curve challenged our industry. Our company surmounted that challenge, thanks in large part to the hard work and dedication of all of you. Not every company can say the same. For example, Acoustic has closed. Aames has changed the way it does business and is now up for sale. AmeriQuest has closed more than 225 branches and laid off about 3,800 retail personnel, and that follows a previous layoff of some 1,200 employees a few months earlier. Irwin Home Equity announced cutting 145 jobs in San Ramon , California , and Carson City , Nevada , as the company restructures its retail lending operations. Encore Credit Corporation is cutting 170 jobs or about 17 percent of its workforce, following its initial layoff in January when it made 440 staff reductions. Other companies have also laid off people and cut back their operations dramatically, but First NLC has continued to flourish. Our experience enabled us to be responsive to the market while continuing to be responsive to our employees. For our industry, where change has been the single constant, one thing has not changed -- your company's culture. This culture, which encompasses the shared values of respect, professionalism, and fairness, has held us together, from me on down. It has made us what and who we are today. And, it will allow us to overcome the very challenges that have threatened or brought down others in the same industry.When I started our business 20 years ago, I had almost no financing and only a handful of employees. I don't mind saying it was tough those first few years, but we all cared about our company and especially about each other. Together, we built the business and its culture, and many of us are still here today. I believed then, as I do now, that our shared values have kept us together.We are much larger now -- more than 1,500 employees in offices across the country. Today, our methods of communicating our values have changed, but not the values themselves. No longer can I walk around and talk to everyone, but your managers and I have worked hard to communicate to all of you through email, sales meetings, and office visits. Because of this, I believe our shared values and culture have spread and endured.Most of you come to work every day and give our company your best day's work. I hope and trust our employees are happy to work here and share our goal of keeping our business strong and healthy because we treat each other with respect, professionalism, and fairness. However, in recent days, we have heard that there are some people who feel that we have not treated them fairly. I take that very seriously. I want to understand and address the source of those concerns. I also want to assure you that, if there are concerns, we will listen carefully and work together to do everything we can to address and, if possible, satisfy them. As you can see, I regard this business and all of its employees as if we were all part of the same family. We respect each other, pull together, and, as in any family where there are concerns, we voice and address them with mutual respect and then move forward into the future as a stronger unit. If any of you would like to communicate any such concerns, please feel free to email Andrew Henschel, Vice President of Corporate Governance, at ahenschel@firstnlc.net.I am very proud of what First NLC has accomplished and thank each of you for the hard work, dedication and loyalty that you have shown over these past years. I believe that our culture and shared values will carry us into the future and sincerely hope that all of you will continue to be part of this company that we love so much and have made so great.Very truly yours,Neal S. HenschelChairman and CEO

Mon Apr 30, 11:06:00 PM PDT gtp4820 said... That email from Neil is the biggest joke ever. More fluff, as usual. The don't give a crap about anyone there. Family, yeah right. More like slaves. Just the normal propaganda they give the employees. It's so true about the having to ask permission statement. It was great having to ask permission to leave at 9pm when I was scheduled off at 5pm and wasn't paid overtime. No wonder they have a 1300+ person class action lawsuit against them right now. But yeah, they're one big happy family. First NLC can't expect to do any better than Ameriquest when most of their crew is from there. Only a matter of time before they shut their doors.

Tue May 01, 09:29:00 AM PDT T_assrose said... That is one thing that ,Neil Timmy, Chuckie, Jeff and all the rst of the ameriquest flunkies at FirstNLC and The Lending Center are GREAT AT...GIVING Good FLUFF Jobs.... Great fluff!
Tue May 01, 10:01:00 AM PDT fnlcRIPmuthaf**kas said... This post has been removed by the author. Wed May 02, 08:16:00 PM PDT fnlcRIPmuthaf**kas said... BEWARE FBR and potential investors!!! Professionalism at this place has always been at the bottom of list of priorities. Racial slurs, inappropriate behavior like throwing footballs around the office, making off the wall comments about people over the intercom on their birthdays from staff-account managers, production, senior managers, etc. has been a norm. The 3 stooges at Anaheim have always and always will look the other way.Look at their docs department, their funding offices, and post closing department in Anaheim, from the looks of it that Dolar lady has her favorites and they all seem to be female. There is one guy, but from what I gather he's a close friend of Chuckee. The other thing I hear is that the ones that have recently been promoted are exact clones of Joanne. They abuse their staff the way that all of us were, except that department ends up being the last to leave EVERY DAY! Talk about abusive, we at the branches working late to drive those poor bastards in that department to stay even later! Now Janine in post, well I saw someone else post something on here. But when we had to deal with her when she was working with Susan Martin, I wanted to tell Susan to curb her bitch, or we were going to get animal control to do it! We ALL suffered thanks to company sponsored abuses. They should put the Henschel family up for the "Manson (Charles) Family" Award for Excellence or have them tried for crimes against humanity in the Hague!I am amused with all the posts that say that the Henschel's are good people and that the managers they have hired are also decent. Far from the truth, examples of what they are stem from the 3 morons running Anaheim, to the assholes they promote and have kept. The peons (hourly) folk are kept at their desks to god-awful hours working while the people that are salaried (management) get to go home when they want to. Plain and simple. You work for us, so we get to use you ANY way we want. No other way to put it, you work for them you are ultimately working for a dirty white ass pimp that doesn't bat an eye when they bitch slap you! USE and ABUSE = FNLC

Wed May 02, 08:22:00 PM PDT blah blah blah said... Get a life and a good lesson in manners. If you are/were unhappy GO! Do something about it. This silly babble is pathetic.

Fri May 04, 09:31:00 AM PDT BlahEatADick! said... "blah blah blah", your name says it all. The meaning behind your message is right along the FNLC party line. Kiss ass, and you'll go far - right up Neil, Jeff, and Tim's asses! I'm really curious as to which one of the leeches you are. I'm referring to which of the leeches that is stuck to the ass of any one of the three stooges listed above. I know a few dozen good honest folk, who gave everything to this company and then some, that are willing to move on - with a nice foot up YOUR ass!

Fri May 04, 09:28:00 PM PDT joet8:) said... That's the problem with the company! They expect you to be dumb like sheep and not talk back, especially when you're not conforming to their needs after knock-off time. Then when you get upset, it's YOU that is the problem. Funny how it is never THEIR problem.