If you were employed by Countrywide Financial as a mortgage loan officer, processor, originator, or consultant (and then laid-off) you might want to contact some overtime class action attorneys investigating various employment issues, including unpaid wages and overtime:

–Report Unpaid Wages or Overtime –

Countrywide could care less about it’s borrowers. I cannot tell you the number of times CHL has completely refused to even DISCUSS forebearance agreements with delinquent borrowers. Time was, if a borrower got behind, the lender, ANY lender, would roll the delinquent dollar amount (with fees and penalties) into a new temporary payment schedule, and suspend the foreclosure process. Countrywide no longer negotiates forebearance agreements, and will not hesitate to file an NOD (Notice of Default) on the 90th day of delinquency. Mozilo knows this, and for him to assert that there are “…2,600 dedicated Countrywide personnel…” working to keep “…35,000 homeowers in their homes” is bull**** of the most egregious order. Those 2,600 Countrywide employees are dedicated to one thing; telling the borrower “No”, and to “Pay up or leave” when broached with the issue of assistance.

As a place of employment, Countrywide is a slave-shop. I am an ex Countrywide employee, from the sub-prime sales unit of the wholesale division, who called on mortgage brokers to solicit loans for CHLs wholesale programs. Once, during the summer, when it was 106 degrees out, I was in the field and took off my necktie. I was written up, given a manager’s formal reprimand, and forced to sign an acknowledgement of the “counseling” session by my branch manager, and her assistant manager, and the Regional Manager concerning my violation of the dress code.

Mozilo cares for nothing but his own bank account. “strategic plans” and “business models” and “challenges” are all the hip business buzz-words he uses to sugar-coat the panic he’s in and to salve his immeasurable ego that has taken a beating of late.

What drivel. This company is nothing more than Mozilo’s ego out of control.

Here’s hoping they last long enough for you to find something where you don’t have to keep a box under the desk- just in case.

I’m afraid “mortgage lending” and “job security” have nothing to do with each other any more.

No wonder Mozilo cashed in so many stock options, I suppose he needed a “nest egg” for the day he was laid off. I also guess that explains why he expressed his “deep gratitude” to employees- I’d be grateful if someone put that much money in my pocket too.

I think the view of renters is changing. Two years ago everyone thought it was tragic that we’d moved into a rental- now I get a lot of “Wow were you smart.”

Every now and then someone says, “But you aren’t building any equity!” I like to point out that at the moment, neither are my neighbors who own their places.

It’s fairly typical to announce layoff on a Friday for most large companies. I am not sure it has to do with investor, as some welcome a force reduction, but more for management not to have to deal with employee initial anger.

We’re seeing more of this. The news around quitting time Friday is generally pretty tame as the financial world winds down for the weekend. After closing on Friday is a favorite time for really bad news though. I think the theory is that investors have time to get over their panic on the weekend.

You make the call!

I don’t doubt that Countrywide needed to downsize- but it would all be easier to swallow if he hadn’t sucked so much out before laying so many off.