Tuesday, September 04, 2007

Countrywide Crimes with Local Repercussions

The Arizona Republic reports:
Countrywide's layoffs hit Chandler facility
Luci Scott
The Arizona Republic
Aug. 31, 2007 10:07 AM

Nearly 50 people lost their jobs at Countrywide Financial Corp. in Chandler in the recent nationwide layoff of 500, company spokesman Rick Simon said.

"There were something shy of 50 positions at the facilities in Chandler in the reduction in force," Simon wrote in an e-mail Thursday. No one lost a job in the company's operation in Tempe, he said.

The largest group to lose jobs was about 100 people in Richardson, Texas. "All the rest were smaller groups due to the closure, consolidation or resizing of 16 stand-alone branches in 10 states across the country," Simon said.

He left open the possibility of more layoffs as the mortgage lender, the nation's largest, tries to weather the credit crunch.
Read that last part again from 5 days ago. Several people have reported a rumor that 7,000 may be the next to fall. This has the potential to take 20% off Thousand Oaks/Moorpark/Simi Valley home prices overnight by essentially doubling the sub-regional for sale inventory. We'll be following this story.


rogersmith8080 said...


The Vegas over under on Countrywide folding:

Will Countrywide make it to Halloween? 25%

Will Countrywide make it Thanksgiving? 50%

Will Countrywide make it to Christmas? 25%

Lou Minatti said...

Offshore drillers are hiring and they pay big bucks.

HauspocalypseNow said...


Merry X-Mas! Here is your pink slip.

ha38349 said...

Now Rob, everyone knows that that house prices don't go down that much overnight. It will take years! and in the long run prices always go up.
Stick that in your Murst!

ha38349 said...

On a slightly more serious note. I have a relative that works for Countrywide now via the HomeBanc buyout. I believe this person is commission only at this point and in a pretty good market so maybe it will be ok.

serinitis said...

Countrywide Article

Bakersfield Bubble said...

Rumors all over the net on the layoffs starting this week...

Tav said...

I think the poor homeowners should be bailed out because they were misled. I agree with Jim Cramer, Chris Dodd and Barack Obama that the government should do something.

The real parasites here are those homeowners who can afford their mortgage. They're pieces of RethugliKKKlan trash as far as I'm concerned.

Legion said...

Looks like CFC is going down the toilet.

Legion said...

must be Mozillo selling like crazy

Peripheral Visionary said...

Express (local DC free tabloid, standard subway reading fare) had an informal poll, "Should the government offer help to people who took out risky home loans?" 80% said No. Now, elected officials probably don't read Express--but their staffers do.

Express Poll Center

Incidentally, the current poll is "Do you think D.C.'s tough ban on handgun ownership is unconstitutional?"--right now it's 80% at Yes. Hmm . . . Mayor Fenty might be finding himself squarely on the opposite side of public opinion on this one.

Bakersfield Bubble said...


GREAT CW site from ex employees!!

Legion said...

True to his word, Mozilo was selling just as much at $35 as he was at $40. And judging by his comments earlier this year, he’s going to keep right on selling.

“I have created $25 billion in value for the shareholders,” he told National Mortgage News back on March 12. “I gave them 98% of the value and took 2%. And [the shareholders] didn’t have to do the work. I did it for them.”

HEY asshole! You didn't put up 2% of the money, the investors did!

"Meanwhile Countrywide has seen some $8 billion wiped off its market value."

Wanna pay back 2% of the 8 billion you lost ya oompa loompa ?!?!? What a racket, when the company makes money he gets a share of the profit, when it loses it's the company's money...no lose situation there.

Nice site BB

Legion said...

ok who's wc varones? on that board?

Lou Minatti said...

The people posting on that CW board are vicious.

# TanManSmokesCrack Says:
September 5th, 2007 at 5:02 pm

CFC employees are going down.

You guys are the scum of the earth!

# LeatherFaceIsAFag Says:
September 5th, 2007 at 5:03 pm

CW employees should rot in hell for the the fraud they pulled on this Countrywide. I hope they burn in hell and MonkeyZillo goes to prison.

I have never rejoiced in the layoffs of other people. Getting laid off sucks ass. But I can understand the bitterness these people have toward Countrywide employees and ex-employees.

Akubi said...

Intriguing Marinite find (I should add to my feeds): Dear Future Generations

Edgar said...

I have dropped by a few times over the last couple of weeks, I thought I'd de-lurk. Lots of rumors that CFC will layoff 900+ per week for the next ten weeks.

Bots said...

Any guesses on how long before the Countrywide sign comes off the T.O. Civic Arts Plaza?

Peripheral Visionary said...


Thanks for the link, great find. I'm working very hard at not being angry at the Boomers for enjoying the good life while running the Federal government deep into debt and while running housing prices through the roof, but, well, I'm still working at it.

In all fairness, my generation was just as involved in running housing prices to crazy extremes; but my generation will also pay the price as we're shut out of home ownership. But it would be nice to, just once, hear someone from "the Greediest Generation" (I love that term) apologize for the enormous burden they are passing on to the younger generations.

Edgar said...

PV, you obviously don't have a clue who is running this country into the ground. I'll give you a hint, it ain't your aunt fanny.

H Simpson said...


The boomers paid off the national debt from their parents during H's presidency.

They also cleaned up the country's poisoned rivers in the 70s & 80s, defeated communisium after 40 years, gave you cell phones, PCs, the Internet and most consumer electronics.

Though we had our share of idiots (Hippies, left wing professors, gutless maggots who didn't teach their lazy spawn responsibility), at least we can all agree Casey is one of you generation nothings who live in MOM & DAD's house playing games on the tv. That was not allowed for the baby boomers.

Had my 1st home at age 24, sent myself to night school full time while working and supporting a family for all my degrees. Oh, I haven't missed a vote since 1975.

Now go watch the losers on Big Brother or Survior and think hard about why this country is going in the crapper fast.
Look at those chumps closely. All generation X/Y/Z whiners/losers.

Now get off your @ss and work hard like us old SOBs. There is plenty of coin to be had through hard work and honesty.

Every generation thinks they will be shut out of home ownership. It is a shame the internet is so young so you cannot see similiar articles 10, 20, and 30 years ago. But somehow the ones who want to make it happen will.


Peripheral Visionary said...
This comment has been removed by the author.