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Madmartagen · 03-02-2007, 11:19 PM

hah, things turned out to be a little worse than i had thought. we had another emergency townhall meeting to give a status on the company and this is what was said.

basically the mortage industry is taking a beating and alot of it is due to the bad rep of 'interest only loans' and how they turn out to be low quality lowns where the lendee would go into default of his loan and so our company would be stuck with the bill. our projected earnings for the quarter would not be met or released on time, so the company made an anouncement to the FDIC or SEC that we would not release our quarter results on time. this made the FDIC order us to cease all sub-prime real estate lending and so our parent company felt that they were fucked and so that instead of fixing the damage, they would pull out entirely of that market. seeing that sub-prime loans constitute nearly 90% of our Residential Real Estate Market, we are losing almost 75% of our business and so we are going to drop alot of people who would normally support that. since i work in IT, my job is in jeapordy because they do not need a large technical staff to support the reduction in force. we still have retail, loan servicing and commercial markets, but seeing that residential was the bread and butter of the company, it looks like i'm going to have to look for a new job too.

anyways, i havent been let go yet, but we'll see what happens on Monday. we lost one data engineer in our group and some desktop support guys. alot of us went out to get a bite and drink after work and i think some arent going to show up next week.

happy friday mad:

	(#10)
Madmartagen is Offline Captain Posts: 5,558 Join Date: Jan 2003 Location: Anaheim, CA	03-02-2007, 11:19 PM hah, things turned out to be a little worse than i had thought. we had another emergency townhall meeting to give a status on the company and this is what was said. basically the mortage industry is taking a beating and alot of it is due to the bad rep of 'interest only loans' and how they turn out to be low quality lowns where the lendee would go into default of his loan and so our company would be stuck with the bill. our projected earnings for the quarter would not be met or released on time, so the company made an anouncement to the FDIC or SEC that we would not release our quarter results on time. this made the FDIC order us to cease all sub-prime real estate lending and so our parent company felt that they were fucked and so that instead of fixing the damage, they would pull out entirely of that market. seeing that sub-prime loans constitute nearly 90% of our Residential Real Estate Market, we are losing almost 75% of our business and so we are going to drop alot of people who would normally support that. since i work in IT, my job is in jeapordy because they do not need a large technical staff to support the reduction in force. we still have retail, loan servicing and commercial markets, but seeing that residential was the bread and butter of the company, it looks like i'm going to have to look for a new job too. anyways, i havent been let go yet, but we'll see what happens on Monday. we lost one data engineer in our group and some desktop support guys. alot of us went out to get a bite and drink after work and i think some arent going to show up next week. happy friday mad: