Wednesday, November 01, 2006

Another Wave

From the Sacramento Business Journal:

Washington Mutual Inc. is laying off 65 employees at its office in South Natomas. The layoffs at the office at 2710 Gateway Oaks Drive were announced Oct. 27 and will be completed by the first week of December.
...
A spokesperson said the Gateway Oaks office is a home loan and back office support center. In December, the office will have about 200 workers.
...
Washington Mutual has been cutting back on mortgage-related staff in response to the slowdown nationwide on residential real estate transactions.

11 comments:

Anonymous said...

They offered Jim Jones Kool Aid as the poor Account Executive cleaned out their offices!

But have no fear, real good Walmart jobs await most!

JR said...

Washington Mutual appears to be the parent company to Long Beach Financial Mortgage.

http://query.nytimes.com/gst/fullpage.html?res=9A02E1DC1E3EF933A15756C0A96F958260

Long Beach is listed as funding the sale of 1323 Hillwood Loop, a house in the JTS subdivision Estates at Lincoln Crossing. Cyndi Nguyen sold a home she purchased for $638,000 in April '06 for the price of $765,000 in August 06 (59.7% annual appreciation rate, in a DECLINING market.) The nearest comp supports a price of $560,000. The buyer, Keith Crowell got 100% financing from Long Beach. And get this: They did the same exact transaction with the house next door at 1329 Hillwood, only the lender was First Franklin. Thus, two houses sold on late August for a combined $400,000 over the market comps.

Is it any wonder these lenders are going down? They close their eyes to apparent fraud, and hope the buyers make the first few payments to the investors to whom the lenders sell these loans. This lets the lenders of the hook.

Call the FBI, the DRE, the Sacramento Bee. If this is all a sham, it needs to be exposed, prosecuted and punished. The houses are sitting vacant today. No sign of life anywhere.

sippn said...

Good pick JR

However, WAMU just completed the acquisition last month of Commercial Capital Bank who specializes in real estate and construction lending.....

They're just changing their product line up from SUV's to something else.

Gwad, every time I try to not do business with them, they buy somebody I'm already doing business with or purchase my mortgage!

jr said...

Sippin, that's pretty funny. I know several more people in your same situation. The world continues to consolidate and melt.

Pretty soon, we will all be working for one company and be of one race, attending one church. Except for Gwenster, of course. She's having none of this sheople nonsense and marches to her own drummer. I wish I could have seen her Halloween costume.

karl marx brothers said...

recent layoffs possibly the ones hired to handle the increased business earlier?
hard to know w/out a good chart of the companies payroll history, but you know what they say:
" last hired - first fired ".

sending good thoughts out to the productive ones / hoping they land on their feet.

Anonymous said...

THe question is; Just how deep down this rabbit hole do you bitter renters want to go?

RMB said...

Oh I usually like to get to the bottom of the wabbit hole, because that is where the wabbits are and wabbit stew is mighty tasty.

rocklin renter said...

anonymous 11:56

You do realize, that we would be a whole lot more bitter if we were recent owners, right?

I mean, paying 2 to 3 times more to have the same roof over our head, and looking at substantial paper losses (and a very illiquid market) on our American Dreams?

I've been a happy homeowner before. I know when to hold em, and I know when to fold em thank you very much.

Right now, I prefer being a happy renter.

JR said...

Bitter renters? There is nothing to be bitter about if your renting. You are not making sense. Are you a Realtor? Is now a good time to buy?

Anonymous said...

I can't believe you think us renters sitting on the sidelines are bitter. What do we have to be bitter about? Seeing week over week declines in asking prices? Getting calls and mail begging us to come out and take a look at your home? I'm pretty happy where I am. The downpayment fund is growing every month, while the asking prices on your homes are declining.

karl marx brothers said...

Anons comment of " gettin calls & mail " reminds me of Glen Campbell's Rhinestone Cowboy:

I've been walkin' these streets so long
Singin' the same old song
I know every crack in these
dirty sidewalks
of Broadway

Where hustle's the name of the game
And nice guys get washed away
like the snow and the rain

There's been a load of compromisin'
On the road to my horizon
But I'm gonna be where the lights are shinin' on me

Like a Rhinestone Cowboy
Riding out on a horse in a star-spangled rodeo
Like a Rhinestone Cowboy
Getting cards and letters from people I don't even know
And offers comin'
over the
phone