Wachovia Layoff

White Collar in Raleigh, North Carolina said: Hey... WB employee here. Just found this board. So, is this place just for bitter GW employees to vent about the sand in their vaginas, or can regular WB folks post here too?

OOOHHH, are you completely clueless? Did WB tell you that your job was the only one in the whole country that was safe? Hate to break it to you but WB will lie. www.wachovialied.com

Another great investment by Robert Steel on the one million shares of WB bought for him @ $16 per share. Anyone remember the $500 million loan to Mervyn's to keep it from going bye bye? WB seems to be highly accurate in its choices of investment vehicles. Throw away the staff from WS, but invest in many bad choices. When does the board of directors get its walking papers?

Cheat Rob Steel!!!

been there, done that in Los Angeles, California said: you are disgusting!!!!! Are you a typical WB employee mentality? How very sad!!!!

it is a local saying - get over it...

BigFire in Lisbon, Portugal said: they are not socialists Snoopy, they are neocons, because you can not use the term, National Socialists, which are Nazi's. These are connected to Bush's dad and Nazi's of WW2. I know it sounds crazy but it is. This is the latest attempt to steal from us. The Neocons (the largest industrialists) have both sides covered, with McCain and Obama are both backed by the neocons.

Read the new book:

The Rise of the Fourth Reich: The Secret Societies That Threaten to Take Over America

preview -

THE RISE OF THE FOURTH REICH

THE BUSH FAMILY OLIGARCHY

Funding the Hitler Project

The best part of this post is the problem with the dates. If people recall there was this President that almost was impeached (should have been) in the early 90's, well this president was a democrat. And this little democrate changed the lending laws as part of HUD (ran by another democrat that could not keep his thing in his pants. These laws created something called the housing boom, this boom became a bubble and this bubble became a mess last year. The signs have been around for 3 yrs but like the Dot Com bust no one took them seriously. The best thing about all of this is based on reality TV this next year more then likely we will recieve yet another democratic president, who also has ties into the Clinton administration and HUD, do a search for "Obama's Friends and the Chicago New Slums" www.americanthinker.com/2008/09/obama_and_south_chicago_slum_d_1.html

The worst part of this Citi deal is that there are going to be roughly 90k Wac employees affected by this and they will only be able to cut the 1k left from GW. This time they will have to bleed their own.

Kool-Aid Spitter in Lost in CIC, North Carolina said: The worst part of this Citi deal is that there are going to be roughly 90k Wac employees affected by this and they will only be able to cut the 1k left from GW. This time they will have to bleed their own.

Lookl like there is much truth in WHAT GOES AROUND COMES AROUND. To all wachovians, I hope Citi treats you better than Wac treated us. If no, I wonder if you will have the stamina to take it.

Kool-Aid Spitter in Lost in CIC, North Carolina said: The best part of this post is the problem with the dates. If people recall there was this President that almost was impeached (should have been) in the early 90's, well this president was a democrat. And this little democrate changed the lending laws as part of HUD (ran by another democrat that could not keep his thing in his pants. These laws created something called the housing boom, this boom became a bubble and this bubble became a mess last year. The signs have been around for 3 yrs but like the Dot Com bust no one took them seriously. The best thing about all of this is based on reality TV this next year more then likely we will recieve yet another democratic president, who also has ties into the Clinton administration and HUD, do a search for "Obama's Friends and the Chicago New Slums" www.americanthinker.com/2008/09/obama_and_south_chicago_slum_d_1.html

Clinton repealed the Glass Act in 1999 and that gave way to the SUPER BANKS. When any part of those banks fail, it is devastating. We are repeating what the Glass Act was put in to place to prevent. Deposit banks should NEVER EVER be able to base their income on mortgage based securities or investments. IT IS A CONFLICT OF INTREST AND AS HISTORY HAS PROVEN, TOO MUCH POWER UNDER ONE ROOF AND GIVES WAY TO GREEDY PEOPLE!

If you were to try and spin this as a positive for an MC/MCB. It would be this. Citi offers many programs that Wacho does not. That includes Foriegn Nationals, better Jumbo pricing and more flexibility with larger loans and preferred clients. This may save you if you are in a decling area. Do you hear me CA and FL? Yes, it may take 6 months to shake all this out, but there may be a silver lining for you producers. The whiners are not going to be happy regardless. This is one of the best scenarios you could have hoped for if you are a producing MC/MCB. Your area of clients just increased ten fold,and I say this because I know the products. Hang in there, and you may be really surprised. Yes, there are going to be (no doubt) layoffs by the thousands. This is to be expected. You have my sympathy, and I might be one of you. So, let it be. To my friends that produce, please hang in there till the end of the year if possible. If you don't believe me, go to Citi's web site and check out their products. Call them directly. How many of you MC/MCB's could benefit from having Foreign National Loans back? Many, that can stand the wait. Out of all the possible scenarios that could have happended to us over the weekend, this is one of the best. I may actually dust off the cubicle work and hit the streets again as a loan producer. That is how excited I am about the possiblility of loans you will be able to provide the general public. Wells Fargo was my first choice, but now I believe, you MC/s will be able to give them a run for their money. Other pricing improvments will be coming as well. Good by PAP, hello EVERY OTHER PRODUCT! See you on the streets my friends!

Phyllis Mangina in Witness Protection Program, Costa Rica said: As I mentioned previously:

Under the agreement, Citi will absorb up to $42 billion of losses on a $312 billion pool of loans, and the FDIC will absorb all losses beyond that point. <<<<<< Gee - $312BB - $122BB = $190BB of Wachovia's OWN CRAPPY LOANS - Oh Right it's ALL World's Fault - NOT!! And the estimate was $14BB losses on the $122BB World loans - So $28BB in losses on WACHOVIA'S OWN LOANS!!! Can't wait to hear the Wacho's try to spin this away.

Just a question....does Wachovia Bank and Wachovia Securities trade in the market under different symbols?

White Collar in Raleigh, North Carolina said: Hey... WB employee here. Just found this board. So, is this place just for bitter GW employees to vent about the sand in their vaginas, or can regular WB folks post here too?

I regularly vent about sand in my buttocks, I am a WB employee, so you should be ok. My point is that this is a forum/blog and you are free to say whatever you want that can not be voiced in work. I am not the forum spokesman or even do I care. I encourage all statements. Helpful, informative, knowledgeable, crude, rude, and down right sick are welcome by me. Watch out for the forum watcher though, they get real mad when you say something witty especially in a crudely slanted manner. Me, on the other hand, quite enjoy a good vented vomit filled rant. Bring it baby, and good luck to ya!

jobs fly out the door like

jobs fly out the door like
moths seeking the sun
seems they found it but
it burned them today

You are correct. I would add a small (fact based on the only data given-more of an estimate). In the year 2000, there was 36 trillion in the entire would in Savings that were up to and looking for investments. Within 6 years this doubled to 70 trillion. Now, it took the entire civilized world centuries to save 36 trillion. In 6 years this doubled. I believe this would constitute a bubble. The truth is that for the first time in history, mortgage backed securities where cut into slices repackaged as AAA rated bonds and sold to Wall Street investors who represented this Global trillions. They couldn't sell them fast enough. The problem was that these mortgage backed securities should never have been allowed to be sliced into millions of pieces and converted to (good as cash) AAA rated bonds. This is what we keep missing. The Global savings community wanted more and more of these because they were performing for a short time (based on mathematical models on outdated loan programs). These models were not based on NINA or Subprime or PAP's. They were faulty, and when all of a sudden the math genuises started seeeing defaults, the entire thing came to an abrupt end (to put it mildly). You can go from the Mortgage Companies to the MC's that were only providing what the Wall Street Global clients wanted. More and more risky returns under the guise of AAA rated bonds based on mortgage securities. That should have been caught. This is the crime. A congress and senate asleep at the wheel. Not the President.

BigFire in Lisbon, Portugal said: they are not socialists Snoopy, they are neocons, because you can not use the term, National Socialists, which are Nazi's. These are connected to Bush's dad and Nazi's of WW2. I know it sounds crazy but it is. This is the latest attempt to steal from us. The Neocons (the largest industrialists) have both sides covered, with McCain and Obama are both backed by the neocons.

Read the new book:

The Rise of the Fourth Reich: The Secret Societies That Threaten to Take Over America

preview -

THE RISE OF THE FOURTH REICH

THE BUSH FAMILY OLIGARCHY

Funding the Hitler Project

Um, cronyism has been around forever. This is not new or unique. The man with the gold makes the decisions. Somehow, fraudulently rated mortgaged backed securities equal Hitler? Not sure I follow?
You can go back to the 70's to see deregulation of financial institutions. Actually, farther back than that. This is a simple bubble. In fear, I may actually make a run for the nearest Wachovia bank and take out my savings of 132.00. That will show those Socialists! CHE FOREVER!

White Collar in Raleigh, North Carolina said: Hey... WB employee here. Just found this board. So, is this place just for bitter GW employees to vent about the sand in their vaginas, or can regular WB folks post here too?

Didn't your mama teach you anything about your language? Go to the citibank layoff forum and y'all can vent all ya'll want.

I blame the right-wing operative World Community Loan Reps driven by greed and self interest who incompetently over appraised properties in which they originated the loan, who in-turn became REO reps pushing for the lowest possible value so they can line their pockets on both ends. Total conspiracy designed to <content removed> the ACORN loving former GDW portfolio. Oh, by the way, SOCA and NOCA appraisers pretty much suck for taking down the portfolio too.

ken herb thompson sandler bob steel jim in wasilla, Alaska said: I blame the right-wing operative World Community Loan Reps driven by greed and self interest who incompetently over appraised properties in which they originated the loan, who in-turn became REO reps pushing for the lowest possible value so they can line their pockets on both ends. Total conspiracy designed to <content removed> the ACORN loving former GDW portfolio. Oh, by the way, SOCA and NOCA appraisers pretty much suck for taking down the portfolio too.

well i wonder where you were because i was not in the same bank as you
I DID NOT- REPEAT DID NOT -----EVER---- CHANGE ANY VALUE NOR ADHEAD TO THERE PRESSURE OF CHANGING VALUE THAT IS WHAT WE CALL REPUTATION AND ETHICS . and we DO AND DID appraise for MARKET VALUE -- did you read that market value .. I DO NOT DO FICTION..I DO REALITY.. AS YOU COMMENT APPEARS TO BE . FICTION

ken herb thompson sandler bob steel jim in wasilla, Alaska said: I blame the right-wing operative World Community Loan Reps driven by greed and self interest who incompetently over appraised properties in which they originated the loan, who in-turn became REO reps pushing for the lowest possible value so they can line their pockets on both ends. Total conspiracy designed to <content removed> the ACORN loving former GDW portfolio. Oh, by the way, SOCA and NOCA appraisers pretty much suck for taking down the portfolio too.

Not sure how you think an appraisal is done, but let me enlighten you. They are based on a computer model. Information is entered much like a loan. MLS pulls from the nearest most resent sales. Adjustments are made from differences. There is not much wiggle room for interpretation on part of the appraiser. The Underwriter is also there to UW the appraisal. Can you actually read an appraisal or are you just going by an easy accusation? If anything, and appraisal is much more scrutinized than an MC or any other part of the process. Not sure what you think is accomplished by putting this on appraisers other than a good laugh you have given me. Prices increased because demand increased. Basic Econ 101. Appraisers who did not play by the guidelines were put in jail. If you have proof to the contrary, please come forth, and we will "get them" too. Ah, but that is not what this is about. It is about pointing a finger and saying "Ah, you are the reason". Or, "Ah, that is why I suck at my job". Quit blaming singlarities on complex issues. You only hurt yourself in the long run. Learn, move one, and be successful. If you can not. God help you.

cosa nostra in Victorville, California said: well i wonder where you were because i was not in the same bank as you
I DID NOT- REPEAT DID NOT -----EVER---- CHANGE ANY VALUE NOR ADHEAD TO THERE PRESSURE OF CHANGING VALUE THAT IS WHAT WE CALL REPUTATION AND ETHICS . and we DO AND DID appraise for MARKET VALUE -- did you read that market value .. I DO NOT DO FICTION..I DO REALITY.. AS YOU COMMENT APPEARS TO BE . FICTION

I'm with you,
Correct me if I'm wrong, but, during the rising market, as well as at the top... weren't GDW appraisers typically accused of LOWBALLING values or being ultra-ubber conservative? GDW was one of few banks interested in knowing about the actual situation, including that gas station next door and how it affected the homes value... I was proud to be appraising in an atmosphere where I was encouraged to come in at a true value, not the number next to the "estimated value", or "sale price"...
Appraisers report on the market as it is on that particular day, we didn't make or influence the market... Focus on the cause, not the thermometer. It's like blaming the tree for wrecking your out of control car....
Now reality has me wondering if its even worth it to remain in the appraisal industry. Maybe I'll go back to dealing Blackjack...

IquitWMC in Life Continues said: Sorry...last link was not good.

Elvis Presley: "It's Over".

www.youtube.com/watch?v=BuRGGllbEa8

Not sure what you mean, could you be a bit more descriptive?

IquitWMC in Life Continues said: Good luck to all the Wachovia people who will now have the "fun" of being a part of the banking operation that was bought.

Elvis Presley:

www.youtube.com/watch?v=c7LP1Ckosj

I plan to. I may be fired, but I will have fun prior to that. You see, I will land somewhere. I will dig ditches if I have to. It really is not that life ending process that some on this blog whimper about. I shall learn from this, survive this, and then I will dust off my good shoes and run circles around pouting MC's who have it so bad. I will do so without hatred or bitterness or jealousy. I may fail. That is all part of the game. I do not watch youtube. It bores me. If you can't say it, don't link it.

I can't wait 'til all the lowballing GDW staff appraisers are gone. You guys don't know what you are doing, market value is what loan reps need to make a deal. When the staff appraisers have all been let go, the Wachovia, errr Citi loan reps can get back to business funding 175% LTV loans, selling to and hastening the demise of FNMA, and bankrupting the treasury. It doesn't matter if the loan is good as long as the MC makes their 40 bips per file. Bad loans have no real negative impact on the lender, stock market, or economy as long as they are sold on the secondary market.

ken herb thompson sandler bob steel jim in wasilla, Alaska said: I blame the right-wing operative World Community Loan Reps driven by greed and self interest who incompetently over appraised properties in which they originated the loan, who in-turn became REO reps pushing for the lowest possible value so they can line their pockets on both ends. Total conspiracy designed to <content removed> the ACORN loving former GDW portfolio. Oh, by the way, SOCA and NOCA appraisers pretty much suck for taking down the portfolio too.

Glenn?

ken herb thompson sandler bob steel jim in Wasilla, Alaska said: I can't wait 'til all the lowballing GDW staff appraisers are gone. You guys don't know what you are doing, market value is what loan reps need to make a deal. When the staff appraisers have all been let go, the Wachovia, errr Citi loan reps can get back to business funding 175% LTV loans, selling to and hastening the demise of FNMA, and bankrupting the treasury. It doesn't matter if the loan is good as long as the MC makes their 40 bips per file. Bad loans have no real negative impact on the lender, stock market, or economy as long as they are sold on the secondary market.

There is no more secondary market, or are you unaware of the collapse of credit/liquidity? Nice try, but loans are being audited and scrutinized like never before. Blame someone or something else. I know if you try real hard, you can come up with something else. Lenders have to buy back loans that are fraudulent. Borrowers and lenders are both going to jail these days for loan fraud (whole FBI division) just for that. The "secondary" market is gone besides fannie/freddie/ginnie and the new secondary market, the US Government. There is a global pool of investors that still wont touch loan security instruments. So, what is it that you exactly mean?

mikus29 in northeast said: I'm with you,
Correct me if I'm wrong, but, during the rising market, as well as at the top... weren't GDW appraisers typically accused of LOWBALLING values or being ultra-ubber conservative? GDW was one of few banks interested in knowing about the actual situation, including that gas station next door and how it affected the homes value... I was proud to be appraising in an atmosphere where I was encouraged to come in at a true value, not the number next to the "estimated value", or "sale price"...
Appraisers report on the market as it is on that particular day, we didn't make or influence the market... Focus on the cause, not the thermometer. It's like blaming the tree for wrecking your out of control car....
Now reality has me wondering if its even worth it to remain in the appraisal industry. Maybe I'll go back to dealing Blackjack...

See my other quotes. You appraisers are under appreciated and over regulated. You are the first person the MC points a finger to if the value comes in lower than asked. You are blamed now (from some moronic bloggers) for creating the declining market. My relationship with you guys has always been on the up and up. When value was low, I went to the seller and told them to keep the deal, they had to lower the price. When the appraiser was high, I called the borrower to congratulate them on a good buy. Either way, I did my job and didn't hide behind your findings good or bad. I did my share of reading and respectfully questioning, but in the end, 99% of the time, you appraisers were correct. Good job, and sorry that you now have to also take the blame for everything from the market collapse to the bumblings of non producing MC's. You know who you are.

Presley Elvis in Memphis, Tennessee said: There is no more secondary market, or are you unaware of the collapse of credit/liquidity? Nice try, but loans are being audited and scrutinized like never before. Blame someone or something else. I know if you try real hard, you can come up with something else. Lenders have to buy back loans that are fraudulent. Borrowers and lenders are both going to jail these days for loan fraud (whole FBI division) just for that. The "secondary" market is gone besides fannie/freddie/ginnie and the new secondary market, the US Government. There is a global pool of investors that still wont touch loan security instruments. So, what is it that you exactly mean?

You're not getting the big picture. MCBs will not be able make the lease payment on their Mercedes S550 and score that eight-ball every weekend if the so-called "knowledgable" staff appraisers continue to kill their deals. Typical Wachovia saleable loan scenario is a $400,000 loan amount, $500,000 purchase price on a new highrise condo unit contracted in 2005, staff appraiser's value is $250,000. The borrower finds another lender who will get two appraisals to hit $500,000 and closes with them, Wach loses the business. This is unacceptable, if two appraisals on the same property are at $500,000 and only one is at $250,000, then based on the principle of "majority rules", the $500,000 value must be correct. There are so many independent appraisers out there who can competently grease the wheels of business, that staff appraisers looking out for the portfolios of the bank, fannie, and freddie are really not necessary at this time. It doesn't matter if the loan goes bad, Fannie will make the bank buy back the paper, the bank will then sell that bad paper to the American taxpayers.

BigFire in Lisbon, Portugal said: Glenn?

Glenn Beck? No, there are no cable news pundits on this message board.

ken herb thompson sandler bob steel jim in Wasilla, Alaska said: You're not getting the big picture. MCBs will not be able make the lease payment on their Mercedes S550 and score that eight-ball every weekend if the so-called "knowledgable" staff appraisers continue to kill their deals. Typical Wachovia saleable loan scenario is a $400,000 loan amount, $500,000 purchase price on a new highrise condo unit contracted in 2005, staff appraiser's value is $250,000. The borrower finds another lender who will get two appraisals to hit $500,000 and closes with them, Wach loses the business. This is unacceptable, if two appraisals on the same property are at $500,000 and only one is at $250,000, then based on the principle of "majority rules", the $500,000 value must be correct. There are so many independent appraisers out there who can competently grease the wheels of business, that staff appraisers looking out for the portfolios of the bank, fannie, and freddie are really not necessary at this time. It doesn't matter if the loan goes bad, Fannie will make the bank buy back the paper, the bank will then sell that bad paper to the American taxpayers.

by the way how does your mercedes running these days.

cosa nostra in Victorville, California said: by the way how does your mercedes running these days.

bravo

So where is the accountability of pinheads such as Cramer, Gasparino, CNBC, etc who were pumping Wachovia stock with this "undervalued" meme. Anyone that bought on their "advice" was wiped out. Of course anyone paying attention would have realized this thing was a train wreck heading to zero. The common and the preferreds have been wiped out - the bondholders will be OK. Little solace for those employees that ignored the HUGE RED FLAGS and continued to hold the stock in their 401k's.

Who knew???

Wachovia Bargain Turns Into Heartache
Stock That Looked Undervalued Leaves Buyers With Little

online.wsj.com/

Its not all PAP's fault

Storm of Fear Enveloped Wachovia
CEO Steel Was Left With Few Options as Shares Tumbled

Wachovia pushed aggressively into commercial real estate, with a portfolio that now is deteriorating faster than that of other major banks, according to Merrill Lynch analyst Edward Najarian. <<< Acknowledgement that Wachovia made Lots of Crappy Commercial Real Estate deals. Once Again: Under the agreement, Citi will absorb up to $42 billion of losses on a $312 billion pool of loans, and the FDIC will absorb all losses beyond that point. <<<<<< Gee - $312BB - $122BB = $190BB of Wachovia's OWN CRAPPY LOANS - Oh Right it's ALL World's Fault - NOT!! And the estimate was $14BB losses on the $122BB World loans - So $28BB in losses on WACHOVIA'S OWN LOANS!!! Can't wait to hear the Wacho's try to spin this away.

Even in recent weeks, as turmoil roiled the markets, Mr. Steel argued in a Sept. 15 CNBC appearance that "we have lots of choices." He promised to "focus like crazy" on the problem loans. <<< The real purpose of Steel being in NYC was to talk up the merger. I thought it very suspicious at the time that he just happened to drop by for a snowball from Cramer.

online.wsj.com/

Yeah Cramer is an tout but this is an Absolutely Devastating video ... damning ... follow the link ...

Wachovia and Steel have Less than Zero credibility

Wall of Shame: Wachovia CEO Bob Steel

Just two weeks ago, Wachovia CEO Bob Steel told Mad Money viewers that out of $500 billion in loans on the bank’s books, only $10 billion were bad. Today, Citigroup bought Wachovia “for a pittance,” Cramer said, because the actual total was $42 billion, and the FDIC was about to seize Wachovia.

Now Cramer’s not calling Steel a liar. He believes that Steel believed. After all, the CEO bought $16 million worth of Wachovia stock on the open market and never hedged with options.

Wachovia’s financials “just didn’t reflect reality.”

Cramer believed in the financials and Steel. But “in this era, that’s a level of trust that’s misplaced.”

“I let my judgment of Steel cloud my thinking about Wachovia,” Cramer said.

www.cnbc.com/id/26 945323

Say "Hello" to your new Yankee Boss Man:
Wachovia workers ponder impact of Citi deal
charlotte.bizjournals.com/charlotte/stories/2008/09/29/daily21.html?ana=yfcpc

Presley Elvis in Memphis, Tennessee said: There is no more secondary market, or are you unaware of the collapse of credit/liquidity? Nice try, but loans are being audited and scrutinized like never before. Blame someone or something else. I know if you try real hard, you can come up with something else. Lenders have to buy back loans that are fraudulent. Borrowers and lenders are both going to jail these days for loan fraud (whole FBI division) just for that. The "secondary" market is gone besides fannie/freddie/ginnie and the new secondary market, the US Government. There is a global pool of investors that still wont touch loan security instruments. So, what is it that you exactly mean?

Hello there UberMortgageFinanceCurrentAffairsProfessor,
I think there was just a wee bit of sarcasm in the post you are replying to.
" When the staff appraisers have all been let go, the Wachovia, errr Citi loan reps can get back to business funding 175% LTV loans, selling to and hastening the demise of FNMA, and bankrupting the treasury. It doesn't matter if the loan is good as long as the MC makes their 40 bips per file. Bad loans have no real negative impact on the lender, stock market, or economy as long as they are sold on the secondary market."

Did that just fly right over your head? Or was the opportunity to allow us all the privledge of getting a firsthand glimpse at the extensive plethora of knowledge you have accumulated watching the boob tube too irresistable for you to pass up? Perhaps a book deal is in the cards for you.....Mortgage Industry for Dummies? Thank you for giving us all a clue...now it is time for you to get one.

Almost beside the point now:
Wachovia Finally Addressing Their Pay Option Portfolio
mrmortgage.ml-implode.com/2008/09/26/wachovia-dumping-their-pay-option-portfolio/

Speculation about body count

Stunningly swift fall for Wachovia

Sale to Citigroup technically keeps bank from failing, but thousands of layoffs are still likely

www.charlotteobserver.com/408/story/222685.html

mikus29 in northeast said: I'm with you,
Correct me if I'm wrong, but, during the rising market, as well as at the top... weren't GDW appraisers typically accused of LOWBALLING values or being ultra-ubber conservative? GDW was one of few banks interested in knowing about the actual situation, including that gas station next door and how it affected the homes value... I was proud to be appraising in an atmosphere where I was encouraged to come in at a true value, not the number next to the "estimated value", or "sale price"...
Appraisers report on the market as it is on that particular day, we didn't make or influence the market... Focus on the cause, not the thermometer. It's like blaming the tree for wrecking your out of control car....
Now reality has me wondering if its even worth it to remain in the appraisal industry. Maybe I'll go back to dealing Blackjack...

maybe blackjack will be temporary but it sounds like you have an exceptional talent - as robert deniro says please do not waste talent
my fellow appraiser

Presley Elvis in Memphis, Tennessee said: I plan to. I may be fired, but I will have fun prior to that. You see, I will land somewhere. I will dig ditches if I have to. It really is not that life ending process that some on this blog whimper about. I shall learn from this, survive this, and then I will dust off my good shoes and run circles around pouting MC's who have it so bad. I will do so without hatred or bitterness or jealousy. I may fail. That is all part of the game. I do not watch youtube. It bores me. If you can't say it, don't link it.

I can say it, but I just can't sing it. It's over....

Here comes some pain

Charlotte's housing woes likely to widen

Potential job losses at Wachovia could add more homes for sale in a market that's already glutted.

www.charlotteobserver.com/112/story/222407.html

www.youtube.com/watch?v=Z_Ny9_CrUVY

ken herb thompson sandler bob steel jim in wasilla, Alaska said: I blame the right-wing operative World Community Loan Reps driven by greed and self interest who incompetently over appraised properties in which they originated the loan, who in-turn became REO reps pushing for the lowest possible value so they can line their pockets on both ends. Total conspiracy designed to <content removed> the ACORN loving former GDW portfolio. Oh, by the way, SOCA and NOCA appraisers pretty much suck for taking down the portfolio too.

What? World never over inflated appraisals, our reputation was one of being too conservative. Your statements show you know nothing about World proceedure or ethics. You are incorrect.

I have worked for Golden West(World Savings)/Wacko since 1997. Wachovia took over and implemented "The Wachovia Way", which in most cases, made no sense. The computers run the company. HR is nothing more than a bunch of robots (with a southern drawl). The person they put in charge of national mortgage sales, Scott Fisher, has repeatedly lied about the mortgage division restructure. He has been blowing smoke for the last three months. The Board of Directors should have fired him when they realized he didn't have a plan at all.

They have forced me to resign so they can avoid paying me(and many others)the severance package we are entitled to. They "offered" me a new position,which in no way resembles my current position, on a "accept it or resign" basis. I won't let them get away with it.

Since that Wachovia Bank concept didn't work out so well for them here's a new idea for y'all

www.youtube.com/watch?v=lMwLAmnU580

never trusted them in Thousand Oaks, California said: I have worked for Golden West(World Savings)/Wacko since 1997. Wachovia took over and implemented "The Wachovia Way", which in most cases, made no sense. The computers run the company. HR is nothing more than a bunch of robots (with a southern drawl). The person they put in charge of national mortgage sales, Scott Fisher, has repeatedly lied about the mortgage division restructure. He has been blowing smoke for the last three months. The Board of Directors should have fired him when they realized he didn't have a plan at all.

They have forced me to resign so they can avoid paying me(and many others)the severance package we are entitled to. They "offered" me a new position,which in no way resembles my current position, on a "accept it or resign" basis. I won't let them get away with it.

Wachovia lie?! That is something alot of people just can't believe. But I do, that is why I dedicated a web-site to their lies. www.wachovialied.com

September Madness - Who is your Final Four?

www.techcrunch.com/2008/09/29/september-madness/

“Everybody is pretty much numb,” she said. “Will I have a job? No one has any answers.”

MacRaven is one of about 20,000 Wachovia employees based in Charlotte. After Monday’s deal with Citi, many wondered if the New York bank would consolidate their jobs.

Citi (NYSE:C) says it plans to base its retail bank operations in Charlotte. Investment banking will be headquartered in New York. Experts’ early guesses suggest up to 3,000 local jobs may eventually be lost. But no one at Wachovia (NYSE:WB) knows if their job is one of those headed for the chopping block.

“There’s nothing you can do,” MacRaven said. “There’s no jobs out there if we do get laid off. You might lose your house or your car. Who knows?”

Welcome to our 'World' mergers suck and yes you will all be fired. Hopefully Citi will string you along for a couple of years, the 'Wack' management will blow smoke up your ass about opportunities while the whole time Citi wipes out people with 20+ years..here a box, time to go

Presley Elvis in Memphis, Tennessee said: Not sure how you think an appraisal is done, but let me enlighten you. They are based on a computer model. Information is entered much like a loan. MLS pulls from the nearest most resent sales. Adjustments are made from differences. There is not much wiggle room for interpretation on part of the appraiser. The Underwriter is also there to UW the appraisal. Can you actually read an appraisal or are you just going by an easy accusation? If anything, and appraisal is much more scrutinized than an MC or any other part of the process. Not sure what you think is accomplished by putting this on appraisers other than a good laugh you have given me. Prices increased because demand increased. Basic Econ 101. Appraisers who did not play by the guidelines were put in jail. If you have proof to the contrary, please come forth, and we will "get them" too. Ah, but that is not what this is about. It is about pointing a finger and saying "Ah, you are the reason". Or, "Ah, that is why I suck at my job". Quit blaming singlarities on complex issues. You only hurt yourself in the long run. Learn, move one, and be successful. If you can not. God help you.

World Community Loan Reps driven by greed and self interest who incompetently over appraised properties in which they originated the loan, who in-turn became REO reps pushing for the lowest possible value so they can line their pockets on both ends.

World Loan Reps did appraisals for their own loans, with the foresight of knowing they would become the REO rep when the same property was foreclosed on?

Does that seem to be a little off in thinking on the part of the poster? Seems to either be a crazed loon or some one who is trying to yank your crank and having much success. Whatcha think?

WS QC IN BB 2 in Florida said: World Community Loan Reps driven by greed and self interest who incompetently over appraised properties in which they originated the loan, who in-turn became REO reps pushing for the lowest possible value so they can line their pockets on both ends.

World Loan Reps did appraisals for their own loans, with the foresight of knowing they would become the REO rep when the same property was foreclosed on?

Does that seem to be a little off in thinking on the part of the poster? Seems to either be a crazed loon or some one who is trying to yank your crank and having much success. Whatcha think?

yes, I see your point

Citi Freezes Hiring Of Wachovia Brokers - Sources

Citigroup Inc. (C) executives have told Smith Barney branch managers to hold off on hiring brokers from Wachovia Securities while the acquisition of Wachovia Bank by Citi is still under way, according to brokers and recruiters.

The freeze on hiring Wachovia brokers has been initiated as somewhat of a "do not harm" provision while the details of Citi's acquisition are hammered out.

A Citigroup spokesman said he could not comment on the specifics of the deal since it is still so fluid.

Citi is acquiring the bank, but is not buying the brokerage arm. If Citi were to go through and hand-pick all of the top brokers it wants from Wachovia, it would create a lot of animosity between the two firms, a Wachovia broker said. <<<Dja think?

Poaching brokers from Wachovia would be very easy for Citi now, a recruiter said. "Wachovia brokers were calling me at 4 a.m. this morning wanting out. Smith Barney could get a lot of those [brokers]," the recruiter said. <<< Can you blame them? Who in their right minds would want to work for Wachovia under any guise??

money.cnn.com/