Posted by Doh!! , Oct 26, 2007 10:23PM

First of all, you're all a bunch of toolbags! Let me tell you what's going to happen to Countrywide since I currently work there as an Account Executive. My Op's center was shut down out of nowhere in August-September prompting the Company to shift my regions volume to a state 2500 miles away from my territory to allegedly "deal with the current liquidity crisis" All the while higher command is repeatedly saying over and over how "commited" they are to the subprime division. (If that's so, why do you keep telling us that over and over again?) Next, the incoming volume get switched from one state 2500 miles away to another state about 2800 miles away confusing the living shit out of all of our brokers making us all look like total morons when it comes to answering the question of where the loan is and who is clearing the conditions. Fast forward 2 weeks and we take an 11.5B loan from 40 different banks, 3 weeks later that money is gone but don't worry, every thing is gonna be okay! 1 month later B of A buys 2b in convertible stock with a strike of 18 bucks. Well one day the stock dropped below the strike essentially screwing that whole thing up! 2 weeks later, the comapny announces that we're getting rid of that subprime division that they were so commited to and decide to hold a conference call blowing out about 450 reps with NO severence pay because they want to combine sales forces. Then, they close 12 prime centers in several (i mean several) different states basically booting those employees out on the street, shifting that loan volume to other centers where moral and service levels were low to begin with and not really telling the salesforce the whole story about the true nature of where we are headed. Now it's the beginning of October, no loans have been closed, the subprime sales reps have no clue how to sell conforming products, 30% of the wholesale sales force is gone, mass amounts of mortgage broker have gone out of business because of the slow turnaround and lack of urgency, sales reps are either getting part time jobs to stay afloat or they are going into foreclosure themselves, legitimate stories are flying around on internet news sites about the condition of the company, CW hires a PR firm to spin the truth, access to outside websites like ml-implode.com are blocked internally and then of all things they want us to electronically sign a fucking pledge to tell the Countrywide story to friends, family, and mortgage brokers to recieve a green fucking bracelet with the words "protect our house" on it! Are you kidding me? People at the Corporate offcie in CA put their bracelets on e-bay becuase it was such a joke! One guy got a $75.00 bid on his. We were told on a conference call to "go supplement our income" becasue corporate would never find out. Thwn after 60 days of starving out your sales force, they put us on a draw of "peanuts" and double assign reps to offices so they can start fighting amonst themselves and get fired or quit out of frustration becasue CW doesn't want to pay unemployment. Meanwhile, the stock continues to take a dump, a former HUD secretary turned director quits earlier in the week, and the stock is down to 13.83 from almost 50 bucks in Jan 07. Once it hits 10, it becomes a penny stock! B of A lays off 3000 sales people today because they've been in bed with Mozilo since 1969 and he already has a salesforce in place. Can you say "buyout"? Because the SEC is on Mozilo's ass, the Cheifs are dropping like flies out of the corporate office, and basically the game's over. So you can all stop your piedreaming about how resilient the comapny is and how they'll make it through this. Next stop, Capital Hill for Senate hearings! This train ain't coming back to the station!

Posted by Doh , Oct 30, 2007 7:30PM

Dear Nunya,
As a matter of fact, I still work there and I won't be fired becase I'm just too productive. Unlike yourself I have a firm grasp on reality and I REFUSE to lie to my clients about how peachy everything is when it really isn't. Newsflash! Check here for yourself and then let's see what you have to say. http://www.reuters.com/article/marketsNews/idUKN3013219320071030?rpc=44
Secondly, get your facts striaght. CW isn't the 800 lb gorilla because of origination activity. They are who they are because they bought and serviced everything that they could get their hands on. By the way, where'd you get the 100 quarter profit statistic from? Was that drilled down to you from corporate in a blast e-mail? It's amazing what a PR firm can do for your image especially when you're drilling down info to moron mortgage brokers like yourself! You guys will believe just about anything. For instance: Hey Nunya, there's still life left in Countrywide!! See what I mean?? LoL! CW is no longer the goldenchild of the street as they once were. You see my fowl brained friend, I'm not bitter I just believe in doing the right thing first. Money and profits are simply a by product of how you treat people. But as a mortgage broker working out of your mother's basement in your Old Navy boxers with that fruity pebbles stained 1003 on your desk, I wouldn't expect you to understand that most basic of business principles! What's even funnier is that you probably thought that doing the right thing was just a move title at the local Blockbuster store. Get a clue and get back to work asshole, there a truck full of college kids that wanna supersize it pulling up in the drive-thru! Like I said before, this train ain't coming back to the station!!

Posted by Doh , Oct 31, 2007 9:45AM

Ok, ok, I'll stop my rant. Maybe I was a little harsh and my intention is not to drive the stock price down. I just wish that honesty and full disclosure could take precedence over profits and QE. Maybe that's a bit naive of me but that's the way I feel. And I probably shouldn't have spoken to you all like that so please accept my apology. Deep down inside I really do hope that the company makes it because love him or hate him, Mozilo really is a genius. I'm sure their gameplan will work out to benefit everyone in the market and they may have to get a few more infusions from outside sources because the truth is that there is some definate value there and everyone knows it. Even me! Although I don't agree with their strategy, I'm just a foot soldier so at the end of the day what do I really know? Yes I'm pissed. And no, I didn't lose my Jag or my house to a sheriffs sale. But you're right about one thing, I probably should look at the big picture and consider that these guys need to stay in business for the benefit of us all. Pay no attention to me, I'm just a person who is more than likely just burned out from the rollercoaster ride known as the mortgage industry. You guys are the ones with the real knowledge and your pulse on the market should be trusted more than my denunciation of CW. Can you blame me for being a little frustrated?