Central Pacific Mortgage Closes Shop
Chuck Ponzi March 21st, 2007
Not exactly in SoCal (it’s in Sacramento), but you see a trend here:
Former employees of Folsom-based Central Pacific Mortgage are angry over the lack of warning before this week’s sudden layoffs.
As News10 first reported Tuesday, Central Pacific Mortgage and its Florida-based division Ivanhoe Mortgage abruptly closed their doors Monday saying they had no money to meet Wednesday’s payroll.
An estimated 260 people in Folsom, Orlando and in branch operations centers in other parts of the country were told on Monday to clear out their desks by the end of the day.
“The moral thing to do would of been to at least give the little people a fair warning,” said one former Ivanhoe employee by email.
So much for morality… No need to get on a soap box here about bad loans, the employees can do it just fine. I guess it’s just cosmic karma when you issue bad loans.
“It’s like a freight train coming at us full bore,” said Michael McGee of Winchester-McGee Financial. “The type of risk that’s been involved in the industry is far beyond anything I’ve ever seen.”
the employees had to have seen it coming. do they not read the newspaper or watch the evening news on tv? i mean come on, it’s your industry, you should know it better than that. i find it hard to believe that they got blindsided. when you see new century crumble like it did you would think that the thought that their outfit might do the same would at least cross their mind.
No, it wouldn’t. They’re sheeple. They don’t think like bubble bloggers do. We are naturally skeptical. Or as I used to say back in my public accounting days: Heightened Sense Skepticsm.
I planned on making a comment on seeing the obvious, but Mike D. beat me to it.
Big days tomorrow and Friday at NEW…