Wachovia Layoff

Dangling by a thread in Recession Town said: It amounted to a whole lotta nothin'. We did find out a couple of things however that were not quite as clear up to this point. One is that final decisions about staffing the appraisal dept. have been pushed back from late August to the first week of Sept. Secondly, it was stated that they are opting to do "assessment" versus total displacement. They will not be taking the route of displacing everyone and then allowing those who want to stick around to "re-apply" for whatever new positions are available. Which is to say, that Wachovia decides who stays and who goes depending on performance, tenure etc... The possible unintended consequence of this is that people who WANT to be displaced (and receive the Golden West enhanced severance) might actually be retained. It just keeps getting worse.

Why is this info being communicated to Central States only, anyway? As far as I've heard, there have been no BH cc's with employees in other areas of the country. Uneven dissemination of information and managers witholding important info is just wrong given how many people will be affected by this

FlyOnTheWall in Secret said: I don't believe that this is true. It has to do with your hire date. Check with HR.

and I wish it wasn't true, some of these people were let go several months later because they could not reach the sales goals. The bad news is that they were poorly trained and instead of holding out, they chose to jump ship to Wachovia, there's only a couple I know were successful and now with more layoffs coming, I wonder how the MCBs are being affected.

Nasty Wach in Miami, Florida said: Unfortunately, it is, I know of at least 3 employees who accepted the switch from CLO to MCB for wachovia and lost the enhanced severance package. What happens is technically at that time they went to work for another company which was Wachovia in another position even though the merger had occurred. I know it doesn't seem fair, but since they left "World" to work in a Wachovia branch as an MCB, they no longer worked for World and lost out.

I back you up Nasty. What you say is true. I have seen it happen to others.

ho--hum in Charlotte, North Carolina said: Why is this info being communicated to Central States only, anyway? As far as I've heard, there have been no BH cc's with employees in other areas of the country. Uneven dissemination of information and managers witholding important info is just wrong given how many people will be affected by this

Bravo!

Nasty Wach in Miami, Florida said: and I wish it wasn't true, some of these people were let go several months later because they could not reach the sales goals. The bad news is that they were poorly trained and instead of holding out, they chose to jump ship to Wachovia, there's only a couple I know were successful and now with more layoffs coming, I wonder how the MCBs are being affected.

Hey Nasty, I hear there are going to be reductions but it seems in management mostly at this point. I heard that the MCB's will be MC's but everything seems to change as usual. Who knows how that will shake out. I believe you are right that if you jumped to an MCB you are a WB employee and would get their package or be managed out if you didn't meet production goals. That is why when I was offered a WB job title I opted to wait for my package as I knew that would go away. Based on prior treatment I did not trust I would have much security with the new company. Plus it just didn't seem like WB accepted the World people & I saw the eventual writing on the wall.

Nasty Wach in Miami, Florida said: and I wish it wasn't true, some of these people were let go several months later because they could not reach the sales goals. The bad news is that they were poorly trained and instead of holding out, they chose to jump ship to Wachovia, there's only a couple I know were successful and now with more layoffs coming, I wonder how the MCBs are being affected.

It's obvious there are one that know but are not telling. So an e-mail was sent to appaiser's that have company cars and told to e-mail if they were interested in purchasing the company car. Purchase? it should be included in the severance.

Any word on the MC or MCB in Northern California?Iwonder how many will be laid off and when?

Why aren't the appraisers notified yet? What's up with the mystery? Seems like holding out until enhanced package expires.

decent appraiser in central states, Virgin Islands said: Hi all,

This might be a very unpopular post,but I think it needs to be said, so here it goes: There will be some people who prosper after a layoff and many who struggle,but then do Well after a time. But there will be others who for one reason or another( perhaps other personal/health problems outside of work) become severely depressed. If this happens to you , please seek help from a professional or help from your church,mosque,temple, etc.. Also , keep in touch with your fellow co-workers and keep a watchful eye on how they are doing emotionally and mentally. A little support(phone call, lunch, etc) can go a long way.

You have some great ideas there. I know depression is/will be a problem for many. It is not so much that there was a merger because we all know things change and we must be adaptable. The only constant at World was change so we had to be adaptable. LOL
But the way people were and are being treated is what causes problems and to be honest just plain hurts. So be supportive of one another and take time out to enjoy each other's company. I moved far away from my friends at World and I do not have that support system here. So do what you can for one another and keep in touch. It will make a difference.

califonia native in anywhere, California said: Do I seem angry? There needs to be some way standardized verifiable way to assess mortgage originators. A lot of it is the mortgage industry/ banking industry/government's fault since they don't require any certification for people to do loans. I have never understood this because the job affects people's lives directly in a very huge way. Just to clarify, I am not talking about a licensing system that is similar to real estate licensing because that is not adequate either. So what I see is that we have the loan officer who often doesn't even have good math abilities and a realtor who often doesn't knows very little about real estate that is pertinent (because the test isn't) being allowed to guide people into major financial life decisions that they have no business being involved in.

I have to stand up here for originators everywhere. Not all loan officers are incompetent, in fact most have high ethics, are intelligent, and do what's right for the borrower. Yes, just like any profession there are bad apples that spoil it for everyone, but overall, the majority do what's right. Maybe licensing of some sort is an answer, but if you want to keep the LO's above board, pay them a salary. Do you know what it's like to have management breathing down your neck to close more & more & more loans, let alone your livelyhood depends on it. At least World payed salary plus bonus, but that is not the norm. What to do about the preasure from above? Unfortunately, it will always be there.

ho--hum in Charlotte, North Carolina said: Why is this info being communicated to Central States only, anyway? As far as I've heard, there have been no BH cc's with employees in other areas of the country. Uneven dissemination of information and managers witholding important info is just wrong given how many people will be affected by this

Because the Central States are being shut down completely--wholesale, retail, everything. See the posts from last Friday and the Chicago Tribune article.

Wachovia scales back mortgages in 19 states

www.charlotteobserver.com/breaking/story/119989.html

Wachovia Corp. is scaling back mortgage lending in 16 states where it has no retail bank branches and in three others where it has a small branch presence, a spokesman confirmed today.

The Charlotte bank is closing mortgage offices in these 19 states but will continue to offer mortgages to customers through its Web site, call center and direct-mail channels, spokesman Don Vecchiarello said. In Illinois, Kansas and Mississippi, Wachovia also will offer a limited selection of mortgage products through its retail bank branches, which will remain open.

Wachovia has been restructuring its mortgage operations in the face of ballooning loan losses and shrinking demand. Last month, the bank said it would stop making loans through outside brokers and that it would eliminate 4,400 mortgage jobs, about 38 percent of the unit's workforce, to cut costs. Wachovia also has stopped making controversial Pick-A-Payment mortgage loans, the signature product it inherited in its ill-timed 2006 acquisition of California-based Golden West Financial Corp.

The latest action will eliminate about 125 jobs and close an undisclosed number of offices. The job cuts are part of the 4,400 positions being eliminated.

Closing the mortgage offices is part of the bank's strategy to “enhance customer relations” in locations where the bank also has bank branches, Vecchiarello said. Wachovia has branches in 21 states from Connecticut to California.

Vecchiarello emphasized the bank is still offering a full line of mortgage products through branches and mortgage offices in 18 states and to a broader customer base through its Web site and call centers.

In states where Wachovia has branches, Vecchiarello said the bank continues to have a dual sales force – mortgage consultants based in mortgage offices who work on commission as well as branch-based consultants who receive a salary. Wachovia's new head of retail mortgage sales, Scott Fisher, is evaluating this structure, Vecchiarello said.

+++++++++

More carnage on the way for the survivors as they are "Evaluating the Structure"

Nasty Wach in Miami, Florida said: Unfortunately, it is, I know of at least 3 employees who accepted the switch from CLO to MCB for wachovia and lost the enhanced severance package. What happens is technically at that time they went to work for another company which was Wachovia in another position even though the merger had occurred. I know it doesn't seem fair, but since they left "World" to work in a Wachovia branch as an MCB, they no longer worked for World and lost out.

If I were in their shoes, I would appeal that with HR. I really don't think they can do that legally. Have the MCB's you are referring to received a severence package? or are they just expecting the Wachovia package?

outathebiz in bigcity said:

You could judge people on their activities and offer open communication & support. This will cultivate the numbers & keep everyone motivated in such a difficult environment. Constant bashing and threats does nothing but make you feel less confident in your abilities to bring in production, even if you are very competent. Eventually prior pipelines dry up & you have to cultivate new ones. Understanding & support in this market could make a world of difference in attitude & promoting new business, instead most companies just keep bashing you until they manage you out.

Nasty Wach in Miami, Florida said: and I wish it wasn't true, some of these people were let go several months later because they could not reach the sales goals. The bad news is that they were poorly trained and instead of holding out, they chose to jump ship to Wachovia, there's only a couple I know were successful and now with more layoffs coming, I wonder how the MCBs are being affected.

It sounds like these MCB's were let go due to performance and therefore unfortunately aren't eligible for any severence.

The future of residential real estate?

maps.google.com/maps?f=q&hl=en&geocode=&q=eagle+point+drive++Ark&ie=UTF8&layer=c&cbll=34.886369,-92.239196&panoid=SqGxboge__NMt6Fy4liZ0w&cbp=1,102.8465798655925,,0,-5.495334029917105&ll=34.890472,-92.23767&spn=0.008202,0.019312&z=16

Any appraisers seeing things like this?

FlyOnTheWall in Secret said: If I were in their shoes, I would appeal that with HR. I really don't think they can do that legally. Have the MCB's you are referring to received a severence package? or are they just expecting the Wachovia package?

I think the MCB's that are leaving are being managed out for lack of production. I don't think they are given an option of a package? Maybe if they eliminate their job and take away their salary then that might deserve a fight. But it seems WB is re-thinking that as it hasn't happened yet. Maybe that is why, it would give the World MCB's a reason to request a package? Who knows, maybe they will wait to do that after October 1. Wouldn't that be difficult for them to eliminate that option as some World MCB's weren't given a vote on saying no to that position and take a package instead.

news.yahoo.com/s/nm/20080811/bs_nm/wachovia_jobs_dc

any new news

so who is left standing now at the end of this day

Nameless - more than a number in Wishing I was in the, Virgin Islands, U.S. said: understand the economy and who don't really understand the mortgage banking industry or real estate markets, making policy that is totally ineffective and detrimental to fixing any of the problems we are facing. So the chances of avoiding any of the problems that we are sure to encounter in the future don't seem all that good.

Many people are in professions that they are not degreed in or had adequate knowledge in at first but hopefully with time they learn their craft or skill set. Was that not the World way. Hire talented people with a blank slate and train them to be an expert. World's training was stellar and continual.

We can spit out facts about your blanks that has been answered in numerous posts and articles in the past. We all realize that World's size and dollar contribution was small in comparison to other entities within WB. By the way "52" and 13k. It's like what our mother's told us, I don't care if every kid in the block is doing it I just care about you. If you ask any World employee or AGE employee when your personal safety is attacked it seems bigger than life to you. When people become numbers it's time to re-evaluate the system.

Whoops my number paid for WB was incorrect, it's 24 billion. I just saw it in an article. I stand corected.

FlyOnTheWall in Secret said: If I were in their shoes, I would appeal that with HR. I really don't think they can do that legally. Have the MCB's you are referring to received a severence package? or are they just expecting the Wachovia package?

The ones that got let go didn't get anything because wachovia let them go due to their results you see, basically they got fired, as they had severed their relationship with World. If any get laid off now, I don't know if they can make a case for the enhanced severance from world, but it's worth a shot. The MCB is a Wachovia position. I, as well as Nameless declined to switch over which was most fortunate for us.

Nasty Wach in Miami, Florida said: The ones that got let go didn't get anything because wachovia let them go due to their results you see, basically they got fired, as they had severed their relationship with World. If any get laid off now, I don't know if they can make a case for the enhanced severance from world, but it's worth a shot. The MCB is a Wachovia position. I, as well as Nameless declined to switch over which was most fortunate for us.

If you're not let go due to performance, you are entitled to the World package. We were all put into Wachovia postions but that doesn't matter when it comes to severence. If your job is eliminated and you were a World employee prior to 10/1/2006, you will be given the World package. Hope that helps.

outathebiz in bigcity said:

If you took my comments as a blanket statement, I did not mean them that way. I do know that there are way too many doing loans that need alot more training or assisted into a different career. I think a salaried position is one of the best ways to insure that quality mortgage people are hired, it will give banks incentives to screen carefully, train well and retain the best and brightest. Also, it's better for the customers. Even a salary plus bonus is acceptable. I have heard that World paid the MC that way but it is not so. It was often only 3 months and then out. If they brought in some deals then they were kept on with their TSS.

BigFire in Lisbon, Portugal said: I am not having any trouble expressing myself - what you say has been debunked previously and I do not want to repeat it. You think ACORN is bad, the PAP is bad, the Sandlers are bad for funding who they fund, etc... I am not going to debate you. All you have said has been said before. I will tell you that you do not know what you are talking about.

You say you were a World employee - I have trouble believing that but if you say so...

BigFire: I apologize. I was mistaken about you having trouble expressing yourself. Your defensiveness is a clear indication that you are either feeling guilty about all the terrible loans you were responsible for or you're extremely depressed and are repressing the "common sense" questions that you long ago had before you drank the GDW kool-aid, fearful that you may have to face the fact that you let yourself be so badly mislead. I did not say that PAP is bad so don't go putting words in my mouth. I believe that I said it's not for everyone and that one size does not fit all. You say that the statements that I made have been debunked? Well, I have given not only anecdotal evidence of what I said about the PAP and ACORN, I have provided bona fide web addresses for your review. If you choose not to see the truth that is up to you. GDW was just a corporation, the Sandlers aren't Gods, the are looking out for their families first just the way you are.

PLEASE tell me again where I can find the truth about these topics? Oh, I forgot you don't have any concrete sources. Please, go back a few posts and take mine. And don't say I never gave you anything. Here they are AGAIN! epionline.org, rottenacorn.org, Google: The Barack that ACORN knows. After you finish that, I'll give you some more on World, if you can handle it. There are also a couple of books that I can recommend that you read so you can learn a little about fed and the history of the mortgage industry.

I'm curious about a couple of people that I once knew and wanted to contact them before things come to an end. Most are on the West Coast. GB, BH, MH, DA, TR, KL,
BK,BR,DJ and TW....

[QUOTE ho--hum in Charlotte, North Carolina said: Why is this info being communicated to Central States only, anyway? As far as I've heard, there have been no BH cc's with employees in other areas of the country. Uneven dissemination of information and managers witholding important info is just wrong given how many people will be affected by this

who="drama queen in Chicago, Illinois"]Because the Central States are being shut down completely--wholesale, retail, everything. See the posts from last Friday and the Chicago Tribune article.

Yes but that doesn't explain why information on the timing of layoffs is being selectively shared

ho----hum in Charlotte, North Carolina said: [QUOTE ho--hum in Charlotte, North Carolina said: Why is this info being communicated to Central States only, anyway? As far as I've heard, there have been no BH cc's with employees in other areas of the country. Uneven dissemination of information and managers witholding important info is just wrong given how many people will be affected by this

who="drama queen in Chicago, Illinois"]Because the Central States are being shut down completely--wholesale, retail, everything. See the posts from last Friday and the Chicago Tribune article.

Yes but that doesn't explain why information on the timing of layoffs is being selectively shared

And info on whether you have to post, etc.

If anyone has any information on the people listed in last post, I would appreciate knowing how to contact them or if they are still with WS...

ho--hum in Charlotte, North Carolina said: Why is this info being communicated to Central States only, anyway? As far as I've heard, there have been no BH cc's with employees in other areas of the country. Uneven dissemination of information and managers witholding important info is just wrong given how many people will be affected by this

It is not being communicated to the Central States only. There were similar conference calls on Monday with both the Florida appraisers on one call and the Georgia & Carolina appraisers on another call. As far as I understand, these calls were hosted by the National appraisal managers and both B.H. & R.L were invited on the calls. I was on one of the calls on Monday which had both BH & RL on the call as well as the national appraisal manager(s). The call on Friday was hosted by the Central states National appraisal manager and BH was obviously invited on the call as the Grand Pooh Bah of the appraisal dept. RL was invited but was not on the call. Some more clarity was added on the call on Friday from the one(s) on Monday perhaps due in part to the 4 days that had elapsed in between. I am certainly not an authority on what is going on with the appraisal re-org, but I am trying to convey was had been clearly communicated to me on this blog.

Are most people staying in the mortgage industry or seeking employment else where. Just curious as to whats out there.

drama queen in Chicago, Illinois said: Because the Central States are being shut down completely--wholesale, retail, everything. See the posts from last Friday and the Chicago Tribune article.

This is not true. There are states that are part of the Central Divison appraisal dept. that are actually footprint states where mortgage business will continue to go on both in the WB branches as well as retail Mortgage offices. Again, just trying to clarify the facts.

FlyOnTheWall in Secret said: If you're not let go due to performance, you are entitled to the World package. We were all put into Wachovia postions but that doesn't matter when it comes to severence. If your job is eliminated and you were a World employee prior to 10/1/2006, you will be given the World package. Hope that helps.

ok, so when you moved into a wachovia position, were you just moved into it, or did you post for it, go through an interview process? Remember the cases I spoke of happened before the combination of the two operations.

say it aint so in Puerto Rico said: Are most people staying in the mortgage industry or seeking employment else where. Just curious as to whats out there.

I am not staying in the mortgage biz. I am burnt out.

Nasty Wach in Miami, Florida said: ok, so when you moved into a wachovia position, were you just moved into it, or did you post for it, go through an interview process? Remember the cases I spoke of happened before the combination of the two operations.

If it happened prior to the Merger of the two companies, then they were not a "Legacy World Employee" and would not be covered under the enhanced World Severance Package. If you were hired by WORLD prior to the merger date in 10/06, you are covered by the enhanced severance package. It does not matter what position you currently hold, If that posisition is eliminated prior to 10/2008, and you were hired by World Prior to 10/2006, you are considered "Legacy World" and you will be entitled to the enhanced package.

vangogh in Anywherebuthere, New York said: If it happened prior to the Merger of the two companies, then they were not a "Legacy World Employee" and would not be covered under the enhanced World Severance Package. If you were hired by WORLD prior to the merger date in 10/06, you are covered by the enhanced severance package. It does not matter what position you currently hold, If that posisition is eliminated prior to 10/2008, and you were hired by World Prior to 10/2006, you are considered "Legacy World" and you will be entitled to the enhanced package.

I give up. I can tell you from my experience that several CLOs who changed positions from World to Wachovia in early 2007 became not eligible for the enhanced severance package. They interviewed for these positions and went to work in wach branches. They became "wachovia" employees as MCBs and it didn't matter when they were hired by World. They then fell under the wachovia severance package. I sincerely hope that this was a peculiar incident and will not affect anyone else.

Thanks for the information. Obviously, Acorn is not a good source, and I should have done more homework. My overall point was that at some point, we as mortgage professionals should have tried to join forces for the good of the industry. Too little too late. I am reading as much as possible and have had my eyes opened. I am almost sorry I did. Ignorance is indeed bliss.

Not completely in jest, I just honestly do not know where to begin. I will read up, try and get some legal advice and move on from there. I appreciate the feed back, and I will be creating a website dedicated to the mortgage professional who would like to join a group of professionals willing to manage change, address our own faults, and try and help each other move on to the future of the mortgage industry. Acorn and congress and all the other groups I have looked into honestly do not get "it". I believe only the people on these blogs (for the most part) really understand what drives the market and what steps could have prevented this fiasco. The only thing we can do is support each other, learn and share facts, and act with thoughtful purpose. We need to find ways to strengthen our voice in the press. This will lead to coverage and may have real questions asked of our leaders in the banking industry. Lets go ahead and let the press and consumers find out what is really behind the curtain. PAP was not the problem. Parts of it were. The basic programs is a valid and worthy product. This is just one truth that needs to be explored. Once I get the website up and running, I will share it with you all to get suggestions. Eventually, I would like to take this to the next level.

These questions are what I am trying to research. It sure is not easy. Lets start with a website dedicated to the production and ops side of lending. We can use it as a news outlet, a forum for discussion that is less chaotic than this one. We can also invite senators and congressmen to do online interviews where we can discuss real issues that can make a lasting difference. After the house cleaning going on, we can move forward as a team of dedicated mortgage professional to at least try and make an impact for the better. I know my limitations, but my heart is in the right place. Never again will we let ourselves and good neighbors get the shaft because of greedy investors who drove the demand for riskier and riskier loans to be bundled and packaged on wall street. A bubble was created by the consumer who bought more house than they could afford. They were built by builders who had to provide what the consumer demanded, and we as responsible lenders would be SUED if we did not approve loans that fueled this bubble. 3 years ago, the Fed and Treasury could have stepped in and done something to SLOWLY bring change. Too much money was changing hands to stop. I for one still believe in the mortgage industry and if we band together, we can make a difference. It will be slow, but we will be heard. AMEN

califonia native in anywhere, California said: If you took my comments as a blanket statement, I did not mean them that way. I do know that there are way too many doing loans that need alot more training or assisted into a different career. I think a salaried position is one of the best ways to insure that quality mortgage people are hired, it will give banks incentives to screen carefully, train well and retain the best and brightest. Also, it's better for the customers. Even a salary plus bonus is acceptable. I have heard that World paid the MC that way but it is not so. It was often only 3 months and then out. If they brought in some deals then they were kept on with their TSS.

With WB the MC is commission only. The MCB has a salary component that is located in the branch. However who knows how that will shake out. There is talk that MCB's will become MC's.

califonia native in anywhere, California said: If you took my comments as a blanket statement, I did not mean them that way. I do know that there are way too many doing loans that need alot more training or assisted into a different career. I think a salaried position is one of the best ways to insure that quality mortgage people are hired, it will give banks incentives to screen carefully, train well and retain the best and brightest. Also, it's better for the customers. Even a salary plus bonus is acceptable. I have heard that World paid the MC that way but it is not so. It was often only 3 months and then out. If they brought in some deals then they were kept on with their TSS.

In this market every originator would love to have a salary. But that is not the norm in the industry. I don't think whether you have a salary however will dictate if you know your stuff.

califonia native in anywhere, California said: If you took my comments as a blanket statement, I did not mean them that way. I do know that there are way too many doing loans that need alot more training or assisted into a different career. I think a salaried position is one of the best ways to insure that quality mortgage people are hired, it will give banks incentives to screen carefully, train well and retain the best and brightest. Also, it's better for the customers. Even a salary plus bonus is acceptable. I have heard that World paid the MC that way but it is not so. It was often only 3 months and then out. If they brought in some deals then they were kept on with their TSS.

TSS was a World thing not a WB thing at all. They did not believe in a temporary salary supplement.

califonia native in anywhere, California said: BigFire: I apologize. I was mistaken about you having trouble expressing yourself. Your defensiveness is a clear indication that you are either feeling guilty about all the terrible loans you were responsible for or you're extremely depressed and are repressing the "common sense" questions that you long ago had before you drank the GDW kool-aid, fearful that you may have to face the fact that you let yourself be so badly mislead. I did not say that PAP is bad so don't go putting words in my mouth. I believe that I said it's not for everyone and that one size does not fit all. You say that the statements that I made have been debunked? Well, I have given not only anecdotal evidence of what I said about the PAP and ACORN, I have provided bona fide web addresses for your review. If you choose not to see the truth that is up to you. GDW was just a corporation, the Sandlers aren't Gods, the are looking out for their families first just the way you are.

PLEASE tell me again where I can find the truth about these topics? Oh, I forgot you don't have any concrete sources. Please, go back a few posts and take mine. And don't say I never gave you anything. Here they are AGAIN! epionline.org, rottenacorn.org, Google: The Barack that ACORN knows. After you finish that, I'll give you some more on World, if you can handle it. There are also a couple of books that I can recommend that you read so you can learn a little about fed and the history of the mortgage industry.

you talk a lot of trash.

The next product to go away will be the SISA and SIVA. I know this for a fact. The PAP are getting hit the hardest, but realistically, the current pipline of performing PAPS are better staying with that loan that trying to refi to a full am product. This is not good for the GSB side who really believe they can dump these loans off their books through refis and 1000 dedicated MC's to try and market them. The PAP borrower does not qualify for another kind of loan. So, the end result will be more layoffs of people to cut costs. What I would like to know is if there a large enough group of us (current and ex Wachovia employees) to start an information website? I am going to try and create a very professional and accurate site dedicated to the Mortgage Production and Ops side that will tell the truth about the real benefits and consequences of our industries slash and burn mentality. I am not talking about a sensational Mortgage Implode site, but a professional news outlet and commentary site for those pros who have and need a voice. Doubtful a UNION will ever come to pass, but if we could at least have a respected outlet, we may be able to bring about change or at least, give out the truth and have some serious questions answered. I have learned many new ideas from this blog, but we can do better. Can you imagine an online interview with Mr. Steel. I would love to hear him explain the justification of making millions off of our stock (that he purchased with his Wachovia salary) all the while cutting jobs and slashing divisions. Yes, I understand the free market and if a division is loosing money and you cut it the stock goes up. But, explain to me what Mr. Steel did at the Treasury department during the bubble. Explain why he is profiting from the collapse while the rest of the working producers suffer job cuts. Those would be the easy questions. I cant wait for the hard ones submitted by your guys. Let me know if you all would be interested in a Website for us. AMEN.

Nasty Wach in Miami, Florida said: I am not staying in the mortgage biz. I am burnt out.

I've had enough damage from the industry and doing something else. Most AE's I've talked to are looking outside the industry in areas like health care, insurance, and other sales related industries outside the mortgage arena. Most people don't want to be just a replaceable number.