Wachovia Layoff

Vega, are you one of those worthless managers from HQ? Is that why you keep attacking my comments with no details or proof, just making it up as you go along? That is exactly the behavior of the management at HQ and San Antonio for that matter.

x-World employee in Bay Area, you did not present anything except empty words and your anger and that's all you keep presenting. And no, I'm not a manager. I'm actually happen to be in tech.

I never worked in the tech end of the operation. I did, however, have many friends that did work in it. There were plenty of long hours for many. There was also freakishly high compensation for many of them. I'm not saying that everybody in that end of the biz made a pile 'o cash, but they were there. As for working long hours? Hell, we all did. I remember working until 10 for weeks at a time. I had friends in Underwriting that worked 35-40 days straight when some business plan took off faster than management intended.

We ALL had to do it. The difference? Some whine about it.

i have a question since i can seem to find it i was wondering about the hiring process for wacv and the comment that im reading is not looking good my question was that i have a record 3yrs ago for theft of gov proprty and did my time with no altercation i have exp 2yr for collecting and have an inteview monday do i have any chance and why (eventhough im sure already of what it is)

It depends on what type of crime they convicted you for. A misdemeanor will not hurt you unless it has to do with a fraudulent check or bounced check that went to court. A felony will probably kick you out of the loop. They are going to go by WF guidelines.

People, please wake up with all the facts. You want to blame Wachovia for World Savings demise. However, let me point out facts for you that you are clearly missing. For the first year and a 1/2 after the merger began, ALL of Wachovia Mortgage executes were let go and replaced by World Savings. Jim Judd was given the top spot over a more conservative CD Davis. As anyone who worked for World knew. what Jim Judd wanted as World and then as Wachovia he got. He hand picked his entire upper crew and none were Wachovia Mortgage. One, later David Pope who became his replaceement, was chosen from the banking side (not Mortgage). For the entire time the merger was ongoing, World Savings was in charge. THUS, they managed their portfolio as business as ususal. NOTHING changed until the subprime lending explosion. Infact, a top producing loan officer in the NY reagon left during the reign of Judd due to not wanting to see the PAP. He felt as many did at Wachovia that it was predatory lending. Why??? Because they were being coached not to see what really may be a better fitting conventional loan. They if you sell this PAP loan, you'll make more money. If they didn't sell a PAP when a coach that they should, they would get reprimanded. Who cares what your customer may have wanted. Let's be honest. The Sandler's were smart and knew what was coming. If they honestly believed the company was fine, why didn't they encourage their family or other business friends to take over for them. They knew when to sell and found their patsy with Ken Thompson. He wanted bank branches in CA so badly, he was willing to accept the risk of subprime loans. Those are the facts. You can try and blame Wachovia Mortgage for not handling the PAP portfolio right, but how can you say that when your leadership came along with it.

So...we all know that the World mafia is running the show...and have destroyed Wachovia. Anybody know what is going on with LPS????

Langdonisanasshole in tacoville, American Samoa said: So...we all know that the World mafia is running the show...and have destroyed Wachovia. Anybody know what is going on with LPS????

You mean the Impact LPS system? Wells passed on it in favor of their new "Core" system. Impact LPS will flip to some kind of read-only mode on 6/30, and will go completely dark on 12/31. Layoffs of support staff have already begun.

newsflash. Glen Beck today talking about Acorn and some impending investigation that leads to exposing another org. called Tides Foundation which has a major contributor: Marion and herb Sandler. tune into Glen Beck to get the rundown. Just thought you should know.

Turns out Tides is funding extreamists groups. Other large contributers, John Kerry and spouse, mostly the spouse who is Hines.

Well I left Wachovia a few months ago working as an underwriter. Was there for many mergers. All I can say is that I'm so glad that I am no longer part of an organization that lies to it's employees. To give you an example of how low our head manager was, if there was a Holiday during the week, the manager would make Saturday a mandatory day so that you only got straight OT.
If you didn't work it, you were written up.
This was not a once in a while thing, this went on for years.
My prior work mates are over-worked and worried. Last I heard that by the end of the month more may be cut. But the talk of the office is: 'all is well, reamian calm'. The head manger always read a new management book and that was the management style for that month. Next month after a new book was read, it was a different style. There was never any consistency. All I can say is that Wells needs to weed out the mangers and do it quick to save my ex co-worker's sanity!

Alicia Chambers in Someplace USA said: Well I left Wachovia a few months ago working as an underwriter. Was there for many mergers. All I can say is that I'm so glad that I am no longer part of an organization that lies to it's employees. To give you an example of how low our head manager was, if there was a Holiday during the week, the manager would make Saturday a mandatory day so that you only got straight OT.
If you didn't work it, you were written up.
This was not a once in a while thing, this went on for years.
My prior work mates are over-worked and worried. Last I heard that by the end of the month more may be cut. But the talk of the office is: 'all is well, reamian calm'. The head manger always read a new management book and that was the management style for that month. Next month after a new book was read, it was a different style. There was never any consistency. All I can say is that Wells needs to weed out the mangers and do it quick to save my ex co-worker's sanity!

My own experience tells me that it won't be that easy. For us at World when we merged with Wachovia, we prayed for the day they would give us notice.

GetRealHere in North Carolina said: People, please wake up with all the facts. You want to blame Wachovia for World Savings demise. However, let me point out facts for you that you are clearly missing. For the first year and a 1/2 after the merger began, ALL of Wachovia Mortgage executes were let go and replaced by World Savings. Jim Judd was given the top spot over a more conservative CD Davis.

Baloney. Judd left in Dec. 2007. The onslaught of Wachovia "bidness" guidelines began to take over that month.

We saw strange decisions coming from Charlotte, and knew what was coming.

Get REAL. So what Judd left, he hand picked his replacement in Pope who knew NOTHING about mortgage and the entire upper management were still World folks. They were the ones calling the shots. They totally chopped up the legacy Wachovia Mortgage structure and changed it to the old World. And I know SEVERAL loan officers who were legacy Wachovia top producers who left because of the quotas they were given for Pick a Pay loans. They didn't like selling them. If the person wanted a conventional loan they would sell and shortly receive a phone call from a PAP coach asking..why didn't you sell the PAP product. You know they were a perfect prospect for it. Bottomline, they took the entire conventional portfolio of Wachovia and pushed it to the side and pushed PAP. It wasn't until the subprime lending market started imploding did the finally ease up on PAP because Wall Street was beating them up. You can try and claim all you want that Wachovia messed up the portfolio, but please explain ALLLL the law suits against the PAP loan that were done prior to any merger. Wachovia didn't change the PAP loan, it was kept as it was acquired and your old World leadership made sure of it.

GetRealHere in North Carolina said: You can try and claim all you want that Wachovia messed up the portfolio, but please explain ALLLL the law suits against the PAP loan that were done prior to any merger. Wachovia didn't change the PAP loan, it was kept as it was acquired and your old World leadership made sure of it.

Actually, I never claimed that anyone "messed up" the portfolio, but since you've been called out on your "facts" about Judd, no one's going to believe your bongwater excuse that the PAP was never altered by the PTB. Sure, the PAP was pushed. Option ARMS were pushed by a ton of lenders.

Lawsuits against the PAP? You're kidding, right? The PAP was no more responsible for people getting into trouble than you are. If you don't understand the product or the features, admit it.

Phila Buster in Washington, District of Columbia said: Actually, I never claimed that anyone "messed up" the portfolio, but since you've been called out on your "facts" about Judd, no one's going to believe your bongwater excuse that the PAP was never altered by the PTB. Sure, the PAP was pushed. Option ARMS were pushed by a ton of lenders.

Lawsuits against the PAP? You're kidding, right? The PAP was no more responsible for people getting into trouble than you are. If you don't understand the product or the features, admit it.

PHILA BUSTER IS DEAD ON TARGET! I just want to put in my 2 cents from the AYY MEN corner and start out by saying that the product spoke for itself...PERIOD! I was the ONLY LFS in my area allowed to sell the PAP and the person that would benefit from the product is the same person that didn't need it: 1 The rate was higher 2 The readjustment after 10 yrs of paying 2.5% (NOW REALLY...who is going to do this unless they know they are moving in 5-8 yrs. DONT FOOL YOURSELF! REALLY!) 3 Lets ASSUME that the person is temporary to the area (moving in less than 10 yrs) and their income is adequate then the only question I have to the person selling the product is WHY WOULD YOU SCREW OVER A CLIENT LIKE THAT? .... ANSWER = Because they are a minimum wage worker and already CANNOT AFFORD THE PROPERTY or they are PLAYING THE FLIP in "huge huge huge hopes" of not getting stuck with that property. I wouldn't have been able to sleep at night if I put someone in a product that I MYSELF wouldn't sign on the same line if I was put in their shoes. It is simply called morals. (Karma or whatever you call it these days)

Anybody feeling any pain today? If so cheer up, theres a great day a-comming. You wont have to report to a bunch of self serving morons anymore.

Vega in California said: x-World employee in Bay Area, you did not present anything except empty words and your anger and that's all you keep presenting. And no, I'm not a manager. I'm actually happen to be in tech.

What are you smoking? I listed several facts, then you kept attacking me. You do not know me, my situation or anything and try to come off like you know it all, but in fact, just clueless and empty headed. Go back and read my comments, empty words? I feel sorry for any company you work for.

I am pretty sure those "terrible" PAP ARMS are probably ~3-4% right now and if they where originated near the end when the margin was at 1 point they are probably just north of 2%. I am sure those clients are screaming to refinance into a 6% 30 year fixed rate.

h2ozep in California said: I am pretty sure those "terrible" PAP ARMS are probably ~3-4% right now and if they where originated near the end when the margin was at 1 point they are probably just north of 2%. I am sure those clients are screaming to refinance into a 6% 30 year fixed rate.

You got that right. What people who love to bash the pick a pay always conveniently forget, is that it's not the rate that's killing the borrower...it's not the payment that's killing the borrower. It's the fact that CA is experiencing a severe recession. People are out of work. The rate could be 1% or 10%. Unless you have some savings, you ain't paying, and a ton of lenders are feeling the heat. It's not just Wachovia. Other lenders are modifying loans to keep people in their homes and paying. Were there some bad loans made? Sure, I'm sure there were. Don't think the whole portfolio was like that though. Everyone got caught up in this because of the recession. Think about it. If you lost your job in the great '08 layoff, would it matter if your mortgage was deferring unpaid interest? You bet your sweet bippy it would. Keep the devil outside a little longer using the PAP? I loved my PAP. Wich I had it now.

If you know any commercial Bankers from Wachovia or any bank, I am looking for a Commercial Banker for an opporunity in Charlotte, NC.

The candidate must have at least 7 years Commercial Banking experience to be considered.

Sky High
jskelly105@comcast.net

I haven't checked this forum in months, and I can't believe people are still arguing over who did what. It's over, the industry has changed forever, and all that really matters at this point is the future, not the past. The former World Savings loan reps would probably recognize my name, as I was the number one retail rep nationwide for a good number of years. I sold the product the right way for the right reasons. Did some bad loans sneak through, probably, but not intentionally.
I've moved on. While I am still in the retail mortgage arena (not with Wachovia/Wells), it's extremely difficult to make a good living.I have found another product to sell, which enhances my mortgage business. This is not an MLM, or a get rich quick scheme, and you don't pay any fees to join. In fact, it is a product that you need an insurance license to sell.Senior management at World (Tim Wilson and higher)always felt that my ideas and visions were revolutionary. That's why they actually had a seminar for retail reps about my story, and how I built my business.

I have the same revolutionary ideas about my new venture, and I intend, within 12-18 months, to exceed my top earning years at World.
This opportunity is available nationwide, but it is not for everybody. I don't care which company you worked for, or still work for. If you have sales ability, and a strong derire to succeed, this could be an opportunity for you. This is not a sales pitch. My belief is that individuals from the real estate and mortgage industries will succeed in this type of insurance sales.

If you have any interest what so ever to find out more information, send me a quick email, including your telephone number and a best time to call, and I'll get back to you as soon as possible. dhmortgageandinsurance@gmail.com

Thanks for responding.

I am a recruiter, looking to fill a Commercial Banker position in Charlotte and was hoping that there would be someone on the network in need of a job or job change.

I am working on a venture myself but always open to hear about other opportunities. If not for me I may know of someone.

You can reach me at jskelly105@comcast.net.

Thanks,
Justina Kelly

3/13/2009 WELLS FARGO HOME AND CONSUMER FINANCE GROUP Walnut Creek 1
3/21/2009 WELLS FARGO HOME AND CONSUMER FINANCE GROUP Walnut Creek 3
4/11/2009 WELLS FARGO OPERATIONS San Leandro 148
6/1/2009 WELLS FARGO RETAIL BANKING Walnut Creek 5
6/15/2009 WELLS FARGO AUTO FINANCE CENTER Walnut Creek 51

To all former Wachovia/World employees I am trying to retain a Law Firm to handle an employment lawsuit concerning Wells Fargo. It would address Age Discrimination and Discrimination in hiring based upon a Chronic Medical disability or condition which would have been know by Wachovia or your supervisor at Wachovia ,and which unbeknowst to you would have been divulged to Wells Fargo.

I have spooken to several Large Law firms but they are hesitant to take on the suit without more Plantifs;but would consider if we could have more people.

Please look up the Age Discrimination Employment Act (ADEA)

"Age bias in hiring and employment may be the last socially acceptable form of discrimination. While the ADEA makes age-based discrimination in hiring, pay, benefits, training, advancement, and termination illegal, many people over the age of 50, and increasingly older than 40, believe that age bias still exists and affects them." copied from an article in AARP-thank you AARP

Trust me if you did not get brought over to Wells ..there may be more to it.
Wells would not want to drive up there Health costs by bringing over more older and Chronically ill employees.

If you feel you have a case and want to join me you can personnally email me at the following : mortgagelady92@yahoo.com

I do not work for any Bank at this time nor Wells or what is left of Wachovia.I am currently collecting unemployment.

If you prefer you can leave a message on this forum.

I KNOW I was not brought over due to the reasons stated,do not let the fact that you get severance pay or UI Benefits stop you from taking action.

What is fair will always be right ...now or in the future...this will take years ..but time I still own.I am not afraid.

Thanks for stopping by to read this and it is my sincere hope that I hear from hundreds of you...I promise to keep you posted.

anon in Glen Allen, Virginia said: Anyone ever experience a layoff by Wachovia? What can we expect?

Good luck in finding a new position.
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dvdscollection
dvdscollection
dvdscollection

To the NCMortgageLady,
My heart goes out to you. I read your post on another area and commented. The more I think about it, the more it seems you were treated badly. I can read between the lines. I don't know about the chance of a lawsuit succeeding. However, my issue with this takeover and Wells Fargo is the use of temporary workers and how they are treated. This is a systematic was of doing business for most of the large corporate giants. We have to come together as you said so eloquently. Our rights as workers are being trampled on. This is not sour grapes. I am actually frightened by the direction of these super sized mortgage companies. We should start a letter writing campaign to our local elected officials and Obama as well. We are paid less, our benefits are a disgrace, and we are treated like cattle. I am not sure if you had to work for a temp agencies or contractor but, if you did, then I say try and work that angle if you were treated like me. I am not saying the Temp Agencies are to blame unless they are owned by the company you work for. Such as Spherion with WF now. We have to have rights as workers. Has anyone every tried to get a Union going to Mortgage workers? I don't know, but if there is a movement, I am nominating you to lead us. Go get em! Take care and God Bless you, and I hope you find what you are looking for.

never trusted them in Thousand Oaks, California said: I haven't checked this forum in months, and I can't believe people are still arguing over who did what. It's over, the industry has changed forever, and all that really matters at this point is the future, not the past. The former World Savings loan reps would probably recognize my name, as I was the number one retail rep nationwide for a good number of years. I sold the product the right way for the right reasons. Did some bad loans sneak through, probably, but not intentionally.
I've moved on. While I am still in the retail mortgage arena (not with Wachovia/Wells), it's extremely difficult to make a good living.I have found another product to sell, which enhances my mortgage business. This is not an MLM, or a get rich quick scheme, and you don't pay any fees to join. In fact, it is a product that you need an insurance license to sell.Senior management at World (Tim Wilson and higher)always felt that my ideas and visions were revolutionary. That's why they actually had a seminar for retail reps about my story, and how I built my business.

I have the same revolutionary ideas about my new venture, and I intend, within 12-18 months, to exceed my top earning years at World.
This opportunity is available nationwide, but it is not for everybody. I don't care which company you worked for, or still work for. If you have sales ability, and a strong derire to succeed, this could be an opportunity for you. This is not a sales pitch. My belief is that individuals from the real estate and mortgage industries will succeed in this type of insurance sales.

If you have any interest what so ever to find out more information, send me a quick email, including your telephone number and a best time to call, and I'll get back to you as soon as possible. dhmortgageandinsurance@gmail.com

Your sales pitch was obvious. Good idea to prey on they needy from this site. Parasite. Go knock on doors.

Stupid in Baltimore, Maryland said: Your sales pitch was obvious. Good idea to prey on they needy from this site. Parasite. Go knock on doors.

HEAR, HEAR...

Stupid in Baltimore, Maryland said: Your sales pitch was obvious. Good idea to prey on they needy from this site. Parasite. Go knock on doors.

Your name fits you perfectly!

never trusted them in Thousand Oaks, California said: Your name fits you perfectly!

Why thank you. I come from a long line of Stupids. I believe the first Stupids came from the Santa Maria where we accumulated land and became the blue blooded Stupids from the Pikesville area of Baltimore. Yes, yes in deed, we Stupids are proud of our heritage. Our founding father yes Sir Mighty Stupid carried the torch for the rest of the Stupids to multiply and inhabit this land. Again, thanks for putting the dots together.

To any and all former(and or) current appraisers out there.. Anyone care to share a copy of the EVC Investor worksheet ?

Anyone care to share the details of the Golden West severance plan? I've heard Herb and Marion made sure it was really decent. Just curious to see how it compares to the severance Wells Fargo is offering us displaced Wachovia employees.

Homer J in Raleigh, North Carolina said: Anyone care to share the details of the Golden West severance plan? I've heard Herb and Marion made sure it was really decent. Just curious to see how it compares to the severance Wells Fargo is offering us displaced Wachovia employees.

Tell me what your severance that Wells is offering, I'll tell you what I got...

Herb and Marion got a sweet $2.4 Billion severance plan

I'm sure Wells will give you the shaft nice and good.

Alicia Chambers in Someplace USA said: Well I left Wachovia a few months ago working as an underwriter. Was there for many mergers. All I can say is that I'm so glad that I am no longer part of an organization that lies to it's employees. To give you an example of how low our head manager was, if there was a Holiday during the week, the manager would make Saturday a mandatory day so that you only got straight OT.
If you didn't work it, you were written up.
This was not a once in a while thing, this went on for years.
My prior work mates are over-worked and worried. Last I heard that by the end of the month more may be cut. But the talk of the office is: 'all is well, reamian calm'. The head manger always read a new management book and that was the management style for that month. Next month after a new book was read, it was a different style. There was never any consistency. All I can say is that Wells needs to weed out the mangers and do it quick to save my ex co-worker's sanity!

Jenny---

I have to clock into my computer 4 times a day. This is really very petty way of tracking and accounting for employees time; Even if you go out for a cigerette.

Wachovia should be ashamed of this practice. Counting their nickles and dimes.