Wachovia Layoff

nervous nellie in socal appraisal in California said: This is the State of California "Warn" list. Keep Checking it to see if there are any Wachovia listings. When they did the big San Leandro Layoff it was posted on here prior to the layoffs:

www.edd.ca.gov/eddwarn.htm#ListingofWARNNotices

You can check by Company name or by County. There is nothing on there yet. There are quite a few for WaMu though.

I agree, we need to be progressive and keep our eyes on this board but do remember that under the WARN act that a reporting is only necessary if 50 or more employees are laid off per location. In my area, there would never be that many employees per location. The loan centers are typically not that big so this would not apply. It may appear sneaky but Wachovia would not have to report this lay off under these terms.

Just something to consider

Anyone on this site hear of any other Banks going into a merger or closing? Just wondering.

Nameless from - in Nowhere said: Anyone on this site hear of any other Banks going into a merger or closing? Just wondering.

Not specifically, but in our "Big Meeting" yesterday it was said that when this is all over there will only be 3-4 big banks/lenders left. Hyperbole? Maybe.

We're really living in the economic Wild West right now. The factors we're facing (the mortgage meltdown, oil reaching new highs, rising costs for groceries and home energy, paying billions a month for Bush's war, Medicare and Social Security projected to dry up, outsourcing, increased immigration...) these are all new factors. How will the U.S. economy respond? Maybe there will be only a few major lenders left. Will they include Wachovia?

nervous nellie in socal appraisal in California said: Can this be fixed?
Is what's happening a sign of the times? or just a sign of Wachovia?

This whole thing could not possibly be an evil plan just to get rid of all the World Legacy folks. No one could be that cruel...to bring down the entire Southern California lending industry, just to get rid of us? We couldn't be the stimulis of such a diobolical plan.

Where are the Sandler's when we need them? Someone call them and ask them to pitch in and help! They are champions of the underdog...they won't find a bigger underdog than the World Legacy/Wachovia employees.

HELP,HELP, HERB & MARION....PLEASE COME BACK & BRING
JIM JUDD WITH YOU. YOUR "BABY" IS IN TROUBLE AND NEEDS YOU.

Oh Wachovia didn't create this, but they aren't trying to save anything but the bottom line. I know they have to remain viable, but at what human cost? They are demonstrating a far different philosophy from H & M's World Savings.

All the banks are doing the same thing. It's only business and numbers. But if you spend so much time at your job, and give up sooooo much of your personal and family time to get ahead, is it too much to ask for some basic respect and team spirit? Can't we make work an enjoyable adventure to be there yet still keep in business mode. You should get up in the morning and want to go to work. Should we not train everyone to have the confidence to be the best in what they do. Would that not help increase production? It seems like everyone goes out of their way to point out waht you do wrong instead of rewarding what you do right. If you feel like just a number then where is the spirit of the company? The current attitude in the banking business is going to contribute to the destruction of the industry. If the bank no longer values it's employees, bank customers, and doing what's right for their internal & external clients, why be there? What price tag is worth all the pressure and critique.

AMEN

snoopy in nowhere, Mississippi said: news flash:

phone caller tells me they are getting ready to get rid of the appraisers, from higher up.

what happend? what did you hear, any details?

if they were to get rid of the appraisers, what do you think the procedure would be? just out, or do you think they would keep some to be reviewers, or how would they make us "fee"?

carl yastremski in righthere said: if they were to get rid of the appraisers, what do you think the procedure would be? just out, or do you think they would keep some to be reviewers, or how would they make us "fee"?

Who knows what will happen if the World portfolio products go away. I hear the PAP is more brain damage than the MEL & the Conventional products for origination to get funded. That viewpoint doesn't help. If the PAP goes away what happens to the appraisers and portfolio processors, underwriters, many employees in San Antonio, the remaining ROC's, etc... Personally I hope the PAP stays, even though I went with another company after being laidoff, I need the product for self employed stated type borrowers. If everything becomes full doc then your self employeed won't be able to get a loan.

carl yastremski in righthere said: if they were to get rid of the appraisers, what do you think the procedure would be? just out, or do you think they would keep some to be reviewers, or how would they make us "fee"?

They would have to keep some reviewers and the people in this position now are the likely candidates. They could make us "fee" by offering us to become WICS.

Just my opinion

snoopy in nowhere, Mississippi said: news flash:

phone caller tells me they are getting ready to get rid of the appraisers, from higher up.

Come on! What did you mean?

have any of you ever worked in the fee world before?

carl yastremski in righthere said: what happend? what did you hear, any details?

JUST THAT APPRAISAL IS THE NEXT TO GO. SOURCE IS RELIABLE. NO AREAS NOTED.

carl yastremski in righthere said: if they were to get rid of the appraisers, what do you think the procedure would be? just out, or do you think they would keep some to be reviewers, or how would they make us "fee"?

just a guess but i think they would go to the wic program because they know how to package the data they want. they would get what they want and need and save overhead at the same time. like i said, just a guess but probably right because it makes CENTS.

carl yastremski in righthere said: have any of you ever worked in the fee world before?

Yes and it's not such a scary place.

snoopy in nowhere, Mississippi said: just a guess but i think they would go to the wic program because they know how to package the data they want. they would get what they want and need and save overhead at the same time. like i said, just a guess but probably right because it makes CENTS.

I think Wachovia intends this WIC program?
www.fns.usda.gov/wic/

exwachovia.wordpress.com/2008/03/31/official-head-count/

GUYS PLEASE SIGN. AS OF NOW WE STILL DONT KNOW WHO would participating in the class action. For all the numbers we have on potential people, we dont really know how many people would participate. Let this be the central place and a sort of ¨official declaration¨ of you participating. Let´s get an idea how many people will join us.

SOCA Appraiser in California said: San Bernardino/Riverside/San Diego Counties have been shut out of the PAP due to the declining markets. An exception can only occur by the general manager and the credit and borrower best have lots of money and a great fico.

What does PAP stand for? are they shutting down offices to??

Another World in Somewere, California said: What does PAP stand for? are they shutting down offices to??

PAP=Pick a Pay

I do not know if offices will be shut down but it would be a healthy guess.

Got it, I'm so sorry it is going to be so hard for everyone. The fee world is not very good right now either! very little work.

So what's left? 30 year fixed? who can even refi in this market?? this is very bad for loan reps and appraiser's :o(

Again, from what I heard, Kenny baby said that since the merger wasn't working, they were expecting more cuts. Now, pair that with the other rumor I heard which is Bank Deutsch is looking at Wac for takeover...anyone else heard that one? Now, I am nobody's genius, BUT, if that is true, it makes sense that WB is now cutting their own forces plus the rest of Legacy so that the books look better for whomever may be looking to buy. Can anyone add anything else??

now, don't get me wrong. i don't want anymore world people to suffer, and honestly, i know that wb has some good people working there too whom i would hate to see them lose their jobs. However, it is safe to say that something is up with all the chatter that seems to be happening, and if that means the idiots at the top get a feel for what they have dished out to World and AG Edwards...GREAT!

Another World in Somewere, California said: What does PAP stand for? are they shutting down offices to??

Pick A Pay options loan.

Another World in Somewere, California said: So what's left? 30 year fixed? who can even refi in this market?? this is very bad for loan reps and appraiser's :o(

Yeah, if you can full doc. The guidelines are getting strict there also. Fannie/Freddie are clamping down on their guidelines. MGIC will not do mortgage insurance in some states (Cal, NV, AR, FL) for many FHA loans so that may not be the answer for higher LTV's for everyone. If the PAP loan is eliminated that was a huge source for self employed and stated loans. Bottom line you better be salaried, full doc verifiable self employed, with high credit scores slowly creeping up in the 700+ range. A perfect vanilla borrower. Loan volume is going to drop for originators if this trend continues.

Apparently Wachovia has no qualms about sharing YOUR confidential HR info with just about anyone.
Watch your back people! Management, whether Legacy World or not, CERTAINLY DOESN"T have yours!
Golden West appraiser claims bank cut overtime pay:
www.bizjournals.com/eastbay/stories/2008/03/31/daily8.html

When Wachovia Corp. purchased Oakland's Golden West Financial Corp. in 2006, executives spoke highly of the California mortgage lender's in-house real estate appraisers.

The company's 1,000 appraisers, characterized as well-trained and thorough, are viewed as a critical ingredient in Golden West's historically low loan losses prior to the current nationwide housing decline.

Since the merger closed in late 2006, however, the company has mistreated those appraisers -- according to a lawsuit filed this week -- allowing or requiring former Golden West employees to work overtime without getting paid.

The suit was filed in federal court in Florida by Annette Peyovich, an appraiser for Wachovia in Orlando, who is seeking class-action status for her claims. Peyovich began working for World Savings, Golden West's bank subsidiary, in 2005 as a staff appraiser. After the Wachovia (NYSE: WB) acquisition she was classified as a nonexempt employee, making her eligible for overtime pay.

Ever since World Savings' appraisers were brought into the Charlotte bank, however, Wachovia has "routinely suffered and permitted" Peyovich and others like her to work more than 40 hours per week without compensating them for the extra work as required by law, the suit claims.

Peyovich contends the company has violated the Fair Labor Standards Act and that her supervisors, also named in the suit, retaliated against her when she brought it to their attention.

She seeks class-action status on behalf of any appraisers at the company who have been denied overtime pay.

A Wachovia spokeswoman said the company has not reviewed the suit and cannot comment.

As an hourly employee, Peyovich was required to complete a weekly timecard after the merger closed. To avoid overtime pay, Wachovia would take steps such as altering the hours reported by employees and making one-hour deductions for lunch periods, even when employee lunches were interrupted by work or not taken at all, the suit claims.

In late 2007, when Peyovich reported her hours worked, including numerous overtime hours, she was "chastised, called inefficient and admonished for reporting her actual hours" by her supervisor, she alleges.

Last month, she was presented with two "corrective action and counseling forms" by her supervisors and disciplined for taking time off without management preapproval -- a charge she says is false -- as well as failing to update her time records and "constantly disputing management direction and suggestions," according to the suit. During the meeting, her supervisors also demanded she stop sending e-mail that documented her complaints, Peyovich contends.

The day after the meeting, Peyovich told a senior human-resources adviser at Wachovia that she believed she was being retaliated against for complaining about her unpaid overtime. She added that she had spoken to an attorney about the issue.

Two days later, one of her supervisors, Kimberly Abel, was giving a presentation to several of the bank's appraisers when an instant message appeared on Abel's laptop, sent by another manager and projected for all to see: "Annette Peyovich is going to be problematic -- she has consulted with an attorney."

The next week, the HR adviser assured Peyovich their prior conversation had been held in confidence.

Peyovich seeks unspecified damages as well as attorney's fees.

###############

Anyone in that training session? Talk about Yikes, Double Yikes!

up tight in San Antonio, Texas said: Again, from what I heard, Kenny baby said that since the merger wasn't working, they were expecting more cuts. Now, pair that with the other rumor I heard which is Bank Deutsch is looking at Wac for takeover...anyone else heard that one? Now, I am nobody's genius, BUT, if that is true, it makes sense that WB is now cutting their own forces plus the rest of Legacy so that the books look better for whomever may be looking to buy. Can anyone add anything else??

That is interesting. When I was a MCB (mortgage consultant in branch)in a western state before I submitted an app I tried to get comps. Usually I used a title company website and I noticed that Deutsch Bank was the lender in a lot of foreclosure transactions. If there was a buyout Kenny baby and a lot of other brass would come out with golden (or probably platinum) parachutes and the other "valued employees" would get the shaft. A lot like what happens in most mergers...think legacy WS. It makes sense that Kenny baby and friends would love to take the money and run...a lot easier than living with the consequences of earlier decisions.

The merger rumor I heard most often out west was that Wachovia wanted to buy out Wells Fargo. But that was early in the mortgage meltdown.

IquitWMC in Annandale, Virginia said: That is interesting. When I was a MCB (mortgage consultant in branch)in a western state before I submitted an app I tried to get comps. Usually I used a title company website and I noticed that Deutsch Bank was the lender in a lot of foreclosure transactions. If there was a buyout Kenny baby and a lot of other brass would come out with golden (or probably platinum) parachutes and the other "valued employees" would get the shaft. A lot like what happens in most mergers...think legacy WS. It makes sense that Kenny baby and friends would love to take the money and run...a lot easier than living with the consequences of earlier decisions.

The merger rumor I heard most often out west was that Wachovia wanted to buy out Wells Fargo. But that was early in the mortgage meltdown.

yeah, i heard that one too some time ago, but can wach buy anyone right now? i doubt it. wall street has no faith in kenny baby so i don't think it would go through.

Phyllis Mangina in nowhere, Mississippi said: Last month, she was presented with two "corrective action and counseling forms" by her supervisors and disciplined for taking time off without management preapproval -- a charge she says is false -- as well as failing to update her time records and "constantly disputing management direction and suggestions," according to the suit. During the meeting, her supervisors also demanded she stop sending e-mail that documented her complaints, Peyovich contends.

The day after the meeting, Peyovich told a senior human-resources adviser at Wachovia that she believed she was being retaliated against for complaining about her unpaid overtime. She added that she had spoken to an attorney about the issue.

Two days later, one of her supervisors, Kimberly Abel, was giving a presentation to several of the bank's appraisers when an instant message appeared on Abel's laptop, sent by another manager and projected for all to see: "Annette Peyovich is going to be problematic -- she has consulted with an attorney."

The next week, the HR adviser assured Peyovich their prior conversation had been held in confidence.

Peyovich seeks unspecified damages as well as attorney's fees.

###############

Anyone in that training session? Talk about Yikes, Double Yikes!

I hope she gets a nice payout from them. This is no surprise to me how they have treated us.

up tight in San Antonio, Texas said: yeah, i heard that one too some time ago, but can wach buy anyone right now? i doubt it. wall street has no faith in kenny baby so i don't think it would go through.

Reverse it - WFC buying WB

IquitWMC in Annandale, Virginia said: That is interesting. When I was a MCB (mortgage consultant in branch)in a western state before I submitted an app I tried to get comps. Usually I used a title company website and I noticed that Deutsch Bank was the lender in a lot of foreclosure transactions. If there was a buyout Kenny baby and a lot of other brass would come out with golden (or probably platinum) parachutes and the other "valued employees" would get the shaft. A lot like what happens in most mergers...think legacy WS. It makes sense that Kenny baby and friends would love to take the money and run...a lot easier than living with the consequences of earlier decisions.

The merger rumor I heard most often out west was that Wachovia wanted to buy out Wells Fargo. But that was early in the mortgage meltdown.

check the news articles but i think that is a german bank and they are also in trouble.

Snoop I think most banks are in trouble. The only US banks holding up their stock prices seem to be Chase & Wells that is if you say numbers in the 30's and 40's are great numbers.

I heard that Wells if trying to buy another bank but I don't know what bank. Anyone hear anything, I've been surfing the internet but haven't found anything.

snoopy in nowhere, Mississippi said: check the news articles but i think that is a german bank and they are also in trouble.

i think as of today Bank Deutsch's stock is over $150.00....so if they are in trouble, it is not nearly the fiasco that WB is encountering.

up tight in San Antonio, Texas said: i think as of today Bank Deutsch's stock is over $150.00....so if they are in trouble, it is not nearly the fiasco that WB is encountering.

sorry, it is trading at $117.00...still a far cry from Wach's. Yeah, they probably could make a good stab for Kenny and Co.

up tight in San Antonio, Texas said: i think as of today Bank Deutsch's stock is over $150.00....so if they are in trouble, it is not nearly the fiasco that WB is encountering.

they are going to write down 2.5 billion or 2.9 billion soon. looks like trouble to me.

Its official:
Wachovia stops some California loans
www.charlotte.com/business/breaking_news/story/561823.html
RICK ROTHACKER
rrothacker@charlotteobserver.com
Starting today, Wachovia Corp. has stopped making so-called Pick-A-Payment mortgage loans in 17 California counties that have been hard hit by falling home prices and rising foreclosures, according to a memo obtained by the Observer.
In these counties, the Charlotte bank is no longer originating mortgages that it keeps in its own portfolio, a class of loans that includes the Pick-A-Payment product, bank spokesman Don Vecchiarello confirmed. The bank continues to make mortgages that it can sell off to investors, he said.
"It's a market-driven issue," Vecchiarello said. "It's not a product-driven issue."
The 17 counties are in regions known as the "Central Valley" and the "Inland Empire," areas the bank has identified in earnings conference calls as particular trouble spots. The territory stretches from San Diego in the southern part of the state to Sacramento in the northern part of the state.
The move doesn't affect borrowers that have already taken out mortgages, Vecchiarello said.
By not making portfolio loans in these markets, the bank avoids possible delinquencies that would stay in its own loan book. Falling home values have left homeowners facing losses if they try to sell their homes, leading to foreclosures that cost banks.

ctd:
Pick-A-Payment loans allow borrowers to choose from four monthly payment options, including a minimum payment that doesn't cover all of the interest. Wachovia acquired the product when it bought California-based Golden West Financial Corp. in 2006 to expand on the West Coast and in the mortgage business.
Investors have worried about the $24 billion deal because Wachovia bought Golden West at the peak of the housing boom. About 60 percent of the bank's Pick-A-Payment portfolio is in California. Delinquencies have been rising faster than with traditional mortgages, but the bank has said the Pick-A-Payment portfolio remains profitable.

++++

Phyllis Mangina in Witness Protection Program, Costa Rica said: ctd:
Pick-A-Payment loans allow borrowers to choose from four monthly payment options, including a minimum payment that doesn't cover all of the interest. Wachovia acquired the product when it bought California-based Golden West Financial Corp. in 2006 to expand on the West Coast and in the mortgage business.
Investors have worried about the $24 billion deal because Wachovia bought Golden West at the peak of the housing boom. About 60 percent of the bank's Pick-A-Payment portfolio is in California. Delinquencies have been rising faster than with traditional mortgages, but the bank has said the Pick-A-Payment portfolio remains profitable.

++++

ok. so if the PAP was profitable, why stop it?

I’m proud to share with you Wachovia’s first integrated Corporate Social Responsibility report — an impressive achievement we all should celebrate.

In the report, you’ll read how Wachovia has made a real difference in things like employee involvement, philanthropy, community development, corporate governance, environmental stewardship, diversity and workplace practices. As you know, having a comprehensive program addressing these areas — which is how Wachovia defines Corporate Social Responsibility — is increasingly important in today’s business climate. It builds loyalty and engagement in employees and helps attract the best talent to our company. It makes customers want to do business with us. It demonstrates our values to current and potential shareholders. And it builds stronger, sustainable communities.

But beyond all of the business benefits, strong corporate citizenship is simply the right thing to do. I believe it’s especially important to keep this in mind given the challenging economic environment we’re in. In fact, in the midst of hard times, it’s more important than ever to celebrate our successes. It shows what you can do — and already have done — to help us get through this difficult cycle.

Many of you have played a part in the many successes documented in the report (see highlights below). Thank you for your continued commitment to our company, our customers, our employees, our communities, our shareholders and our environment.

Nasty Wach I in Wachtown said: I’m proud to share with you Wachovia’s first integrated Corporate Social Responsibility report — an impressive achievement we all should celebrate.

In the report, you’ll read how Wachovia has made a real difference in things like employee involvement, philanthropy, community development, corporate governance, environmental stewardship, diversity and workplace practices. As you know, having a comprehensive program addressing these areas — which is how Wachovia defines Corporate Social Responsibility — is increasingly important in today’s business climate. It builds loyalty and engagement in employees and helps attract the best talent to our company. It makes customers want to do business with us. It demonstrates our values to current and potential shareholders. And it builds stronger, sustainable communities.

But beyond all of the business benefits, strong corporate citizenship is simply the right thing to do. I believe it’s especially important to keep this in mind given the challenging economic environment we’re in. In fact, in the midst of hard times, it’s more important than ever to celebrate our successes. It shows what you can do — and already have done — to help us get through this difficult cycle.

Many of you have played a part in the many successes documented in the report (see highlights below). Thank you for your continued commitment to our company, our customers, our employees, our communities, our shareholders and our environment.

Is it impolite to gag as I read this?

IquitWMC in Annandale, Virginia said: Is it impolite to gag as I read this?

I feel a Pizza Party coming on ....

Pavement Pizza that is!

IquitWMC in Annandale, Virginia said: Is it impolite to gag as I read this?

FYI, this poster is an imposter who uses my sign in name. He's a wach employee trying to irritate us.

know my posts by my real sign in name Nasty wach 1, he uses the "I"

Nasty Wach I in Wachtown said: I’m proud to share with you Wachovia’s first integrated Corporate Social Responsibility report — an impressive achievement we all should celebrate.

In the report, you’ll read how Wachovia has made a real difference in things like employee involvement, philanthropy, community development, corporate governance, environmental stewardship, diversity and workplace practices. As you know, having a comprehensive program addressing these areas — which is how Wachovia defines Corporate Social Responsibility — is increasingly important in today’s business climate. It builds loyalty and engagement in employees and helps attract the best talent to our company. It makes customers want to do business with us. It demonstrates our values to current and potential shareholders. And it builds stronger, sustainable communities.

But beyond all of the business benefits, strong corporate citizenship is simply the right thing to do. I believe it’s especially important to keep this in mind given the challenging economic environment we’re in. In fact, in the midst of hard times, it’s more important than ever to celebrate our successes. It shows what you can do — and already have done — to help us get through this difficult cycle.

Many of you have played a part in the many successes documented in the report (see highlights below). Thank you for your continued commitment to our company, our customers, our employees, our communities, our shareholders and our environment.

just as i have always thought, he's a wach spy

To the posters above, commenting on the stock prices of other banks(Deutsche Bank, Wells Fargo, Chase); you do understand that the current share price of a stock tells you nothing about it's performance, right? Just checking.

Nasty Wach I in Wachtown said: I’m proud to share with you Wachovia’s first integrated Corporate Social Responsibility report — an impressive achievement we all should celebrate.

In the report, you’ll read how Wachovia has made a real difference in things like employee involvement, philanthropy, community development, corporate governance, environmental stewardship, diversity and workplace practices. As you know, having a comprehensive program addressing these areas — which is how Wachovia defines Corporate Social Responsibility — is increasingly important in today’s business climate. It builds loyalty and engagement in employees and helps attract the best talent to our company. It makes customers want to do business with us. It demonstrates our values to current and potential shareholders. And it builds stronger, sustainable communities.

But beyond all of the business benefits, strong corporate citizenship is simply the right thing to do. I believe it’s especially important to keep this in mind given the challenging economic environment we’re in. In fact, in the midst of hard times, it’s more important than ever to celebrate our successes. It shows what you can do — and already have done — to help us get through this difficult cycle.

Many of you have played a part in the many successes documented in the report (see highlights below). Thank you for your continued commitment to our company, our customers, our employees, our communities, our shareholders and our environment.

Sounds good, too bad WB doesn't practice it.