My Company Closed Today

[Disneyland Daddy]

Hello everyone. Just thought I'd post this info that I found out today (as if things couldn't get any worse).

My company 'closed' it's doors today - shockingly enough. I say closed in quotation marks because even though they won't be taking in any more business, some folks will actually be there another 6 weeks or so closing out the offices and such. I have been with BNC Mortgage for almost 5 years.......and it's very sad that they are closing........I worked with many that were like family.

I am on medical leave myself and am on medical disability until November 1 - so this really won't affect me until then. Come November 1, my severance pay will begin.

Anyway, here's a link to the sight where it's mentioned (I hope that's ok):
http://www.bloomberg.com/apps/news?p...PFc&refer=home

[Morrigoon]

You get severance pay? Lucky.

(This from someone who has complete sympathy for how it feels to have a company(ies) shut its(their) doors on you while employed there.) Sorry to hear it, dude.

[aashee]

Sorry DD,

When it rains, it seems to pour.

But as Michael says in the tiki room "every cloud has its silver lining"

Hang in there pal.

Chad

[mouseinphilly]

And in a tough economy as well.

Mortgage companies are going down faster than the Titanic near an iceberg with those low rates and Dictator George XLIII Cheney hasn't done diddly poo because of their focus on this so-called War on Terrorism.

[Disneyland Daddy]

You get severance pay? Lucky.

(This from someone who has complete sympathy for how it feels to have a company(ies) shut its(their) doors on you while employed there.) Sorry to hear it, dude.

Thank you - I appreciate that.

I'm not worried really about the future - I think most of all is that I am going to really miss my co-workers. We were all tightly knit and such.

Just recently, they had a garage sale in my honor and all the proceeds were donated to my wife and I for gasoline to pay for my daily 100 mile round trips to City Of Hope for my radiation treatments for cancer. That was probably one of the sweetest things, you know? They got $121.00 - not a huge amount of money, but it will put 3 tanks of gas in our car to get me too and from for the past week and next 2 1/2 weeks.

I'm sad to be 'losing' them in that sense. I'll miss them. They are good people.

[AlexLoup]

Sounds like you had some great people to work with, I wish you and them the best of luck.

[SCUBAbe]

I'm so sorry DD.

I also work for a mortgage company who is in the news daily, if not several times a day. My company has laid off people, I think they said 500, nobody from my department yet.

I'm glad you won't be affected.

[NeverNeverland]

Yeah, there's a mortgage company in the complex I work at... they cut their staff in half.
Sad times.
Best of luck to all of those affected.

[Disneyland Daddy]

I am reading all of your posts. Thank you all for your encouragement and well wishes.

You know, I have been in the Mortgage Industry since I was 19 - so .........oh my gosh.......that's 17 years (as I'll be 36 here really soon). There was a big mortgage crisis in the mid 90's - but nothing quite like this. This is insane and it's very sad. But it just fuels my flame to get myself out of this industry once and for all.

The industry is very 'feast or famine' - the FEASTS are incredible - I've seen some incredibly awesome times, but the FAMINE is horrible.......this is the worst I have seen, to tell you the truth.

[I Heart Disneyland]

Gosh David, I am so sorry. I know you'd been concerned about them for a while. At least you do have the severance which is more than most people get when a company closes up shop. I'm just so sorry.

Ever consider banking? I've done it for 27 years. Of course, it's VERY retail these days, with a huge emphasis on sales, which I am sure you are used to.

[Morrigoon]

DD: use this time you've got to re-analyze and, if necessary, acquire new skills.

Oh, and don't go into airlines. Trust me on this one

I know what you mean about the industry, being on the real estate end of things, I'm seeing a lot of trimming back too. My company cut a lot of staff, and combined jobs for the people who remained, and also fired a lot of low-producing agents. But with another year of low activity predicted, the belt tightening may not be over.

[Disneyland Daddy]

Gosh David, I am so sorry. I know you'd been concerned about them for a while. At least you do have the severance which is more than most people get when a company closes up shop. I'm just so sorry.

Ever consider banking? I've done it for 27 years. Of course, it's VERY retail these days, with a huge emphasis on sales, which I am sure you are used to.

I'm going to consider a lot of things....banking being one of them I guess. We'll see what happens......

Indeed, I am fortunate to have gotten severance.....that is great.

[Disneyland Daddy]

DD: use this time you've got to re-analyze and, if necessary, acquire new skills.

Oh, and don't go into airlines. Trust me on this one

I know what you mean about the industry, being on the real estate end of things, I'm seeing a lot of trimming back too. My company cut a lot of staff, and combined jobs for the people who remained, and also fired a lot of low-producing agents. But with another year of low activity predicted, the belt tightening may not be over.

Homes are crashing in monetary value as well. My parents bought their home 2 1/2 years ago for near $600K. They bought the single story small model because it was just Mom and Dad. The house down the street was purchased for a 'flip' and never sold. It was about 3800 square feet, two story, two car garage and large lot - sold originally for near $700K or more....and just two weeks ago, sold for $620K. SHOCKING!

I don't know if it can get much worse - this market - so I'm hoping things turn around real quick.....I heard a rumor that the Fed's are going to drop the interest rate again - tomorrow maybe???

[SweetPeaRules]

I wish you the best of luck for the future. Sorry to hear of your company closing their doors. I hope you find the right door to enter into the next stage in your life.

[goofygoof]

Hey DD, sorry to hear that, a couple of my relatives got poked too on the lay off trail in the mortgage industry....I guess it was one of those things that grew too fast and with everyone and their mother going into the mortgage industry it was doomed.

I remember seeing 2 people who did re-fi's get in a fight over a client one was trying to steal over another...quite sad, yet comical!!!

Good luck! I'm sure everything will work out soon!


ok a side note, Sen Dodd (chair of the banking committee) was on Hardball yesterday and said he had a meeting with the Fed's and tried to get the Administration involved but still no response!!!