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I think it is interesting that while the employees are working hard, and then finding out that they are hitting no man's land with the possible shut down of the company, that all of their leaders are in Hawaii. I wonder whats in Hawaii (jobs/scape goats/new loans)? I think this is a real SLAP in the face to the Fremont employees, especially from a company that prides itself in the holding of high qualities/standards for one another. "We messed up, lost your stock and oh by the way your fired, thanks come again". I give em all 10 days until the doors close. NEXT
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10 days? wow, that's a pretty specific time period to call a BK for a company that's been in business for over 30 years, and survived a workers comp disaster (remember, for an insurance policy, FMT has unlimited exposure, for a home loan, the loss is limited to the value of the loan, plus there is collateral). Maybe you'll be right, in which case, can you give me next week's lotto numbers?
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Oh, is a 10-day prediction bothering you? So, genius, how long did it take Enron to collapse? Google it and come back when you understand ANYTHING about modern corporate finance, you blockhead.
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What information do you have to suggest the big wigs are in Hawaii?
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I have a niece that works for this company. She informed me that while the company was falling apart the high execs were all in Hawaii having a great time. Even if this is a normal to do item for big wig morale, I think they could have used better judgement. 10 days = mass layoffs, site closings, sale of the company with a skeleton crew and all of its profitable secure loans.
Mozilla wait and see, you sound like a man of knowledge from your postings. Rating :
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the Hawaii trip is their annual "Presidents Club" trip. All the top account executives and management are there. Most of the top AE's from Tampa that are there will arrive to find out that there account managers have quit and gone to Saxon, along with the top AE's from the Tampa,Miami and Maryland area. Most senior management from Tampa have also quit and gone to Saxon.
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that kinda makes sense to me, to go to saxon because guess, what morgan bought it -- that way they know theyll have jobs. Maybe FMT should sell their subprime...... oh wait, they just announced they would. isn't that exactly what an FMT shareholder would want, for FMT to sell the subprime biz for cash?
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sell what, they have an 8billion loand of bulk their trying to sell right now, i hear they havent sold anything since October. Whos going to buy them with little or no management left on the East Coast and the majority of the top AE's gone to Saxon
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you're right, it's all worthless, why would anyone want the infrastructure to generate billions in loans? i know if someone knocked on my doorstep with an offer to sell $36 billion worth of loan capacity, I'd say no.
After all, why would I want to tighten underwriting standards so that volume fell maybe 50% to 18B and earn 50 basis points, or $90 million on that? why would I want to do that? I'd tell them to get the hell of my porch. Rating :
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10 days tops, nothing will be left. Mark my words. Sell before it is to late.
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Latest Q:
Full doc loan: 62% 2/28: 37%. You see how I am providing numbers and you are making statements based on your opinion. Look, obviously teh C&D is not good: the FDIC would've cracked down hard, to someone else, ie an ibank, that's not FDIC regulated, they can start with a clean slate, FMT's infrastructure is much, much valuable to them. Rating :
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Im an AE at FIL and for what its worth the Hawaii trip was planned well in advance. It is the annual Presidents club trip for Top AE's and managers. To the best of my knowledge Kyle Walker was not on the trip ( for whatever reason ). Also based on the reaction of the management that was in the office late friday i feel its safe to assume they didnt know what was going on either. Everyone was scrambling for answers. Who knows whats in store for FIL all i know is i going to hope for the best while a prepare for the worst. FIL has been an awesome place to work with tons of great people. I'm just grateful Fremont gave me the oppurtunity to get into this industry and provide a great life for my family
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I agree. They have been good to me too. I however, find all this last minute actions a bit puzzling. They must have known at the top that this was coming down!
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Big deal, so they get the big SUV's out of the parking lots. They still can't pay their bills. They go from one subprime mortgage lender to the next. The whole sector is toast and pretty soon they will all be out of jobs. At least they can go back to McDonald's where they came from.
"Would you like fries with that?" Sentiment : Strong Sell Rating :
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Michael, what exactly do you mean Fremont has no more credit. Are you saying Fremont will not be originating or funding anything? Where did you hear this from?
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The news is out! Fremont has no more credit = no loan fundings = door are now shut!!!!
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you've got to be kidding. Give me an office address and I'll check it out....and not the corp HQ posted on the website.
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True. Another I'm another FIL employee that has heard the same thing from the guys in HI. We're done. Fremont's been a great company. The FDIC and the market in general are overreacting. The Hawaii trip was planned long in advance and is a reward for good employees.
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I have not heard anything like that. I have heard from numerous people that we have 4-5 suiters to purchase us and we have a time frame to be sold. So I'm not sure what information is correct.
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The suitor line is BS. I heard from a credible inside source that there are no "live" suitors yet, but they are looking.
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So what will Monday look like?
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You are done. Stick a fork in it. Tomorrow, everyone will be packing up their belongings. Im really sorry to those who are losing their jobs. I know a lot of FIL employees and I hope they land on their feet.
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so, the company has already been searching for suitors since then..hmmm, awesome!
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-----Original Message-----
From: Brian Daily Sent: Sun 3/4/2007 4:22 AM To: *Tampa 2 Office; *Tampa 1 Office; *ResRe Tampa 1 AE Subject: Fremont ceasing doing business. Teams, It is with great regret that I must inform you that Fremont Investment and Loan will cease funding loans and doing business. At 12:35 (pst) Saturday, Fremont General received notice from the FDIC that they are not permitting any more loans to be funded by Fremont. In short, our funding available was terminated by the Federal Home bank. The suddenness of the change and the shift from our communication literally less then 24 hours previously simply perplexes me. However, this simply validates the volatility on our business. None of us in Hawaii realized or appreciated the gravity of the situation we were facing. There are many questions that many of you have. There is a conference call that will be conducted on Monday that will answer many of these questions that you will have. Jerry Casanova will be able to communicate with you more specifics on Monday morning. Please show up for work to receive these instructions. I will be leaving the meeting here in Hawaii early and attempting to return to the office sometime on Monday. In order to assist our clients with some instructions- I have listed some Q and A's to assist you in your communications: Q: Do I continue to solicit loans? A: No. As of the 3rd, we are no longer sourcing new business. Q: Will I close what is in the pipeline? A: This will be clarified on Monday. I would suggest to sent back all loans to the broker Q: What do I tell the brokers? A: Fremont Investment and loan is no longer conducting business. Any files that are pending or have been submitted will be returned to you. Q: Will I get paid for the loans closed? A: Yes. Q: Does termination take effect immediately? A: Clarification on this item will be determined on Monday. Q: What about benefits and severance? A: This will all be clarified on Monday or the early part of the week. Everyone, I cannot tell you how sadly I am disappointed this industry has trended so deeply in this direction. You all have accepted me so warmly upon my arrival at Fremont and I will always cherish those relationships forever. At this point, I wish I had more information to share with all of you but I simply do not. My travel logistics are extremely complicated right now and hopefully I will have more information in the next 24 hours. So I do not lose valuable contact with any of you, please forward to Jo Haynes your cell phone, home phone and home address. I would like to keep this information as we begin to search for alternative strategies to consider. Rating :
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Why am I finding out like this?
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Assuming this is true this is tragic. Good luck to all the FIL employees.
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That's shocking news.
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It's true. From multiple employees...including myself.
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you got it as a former employee and a friend to several current employees it is a shame that more good hardworking people are losing their jobs, the folks who were laid off the beginning of January are th real winners because they at least got a severance package. i wonder if these guys will? the severance from the january layoff was paid out on friday along with vacation time even accrued since the notification of job elimination and the floating holidays for the year of 2007........NOT TOO BRIGHT!
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How will all those Hardworking FMT employees afford their Hummers, Navigators, Escalades, BMW's, Porches, and Mercedes? GASP! I hope they saved instead of spending every red cent like this ponzi scheme would go on forever.
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well those with the hummers, navigators, excalades, vets, etc.... custom choppers,... the list goes on and on, were the AE's and upper management, the REAL WORKERS, the funders, the underwriters, the account managers, the compliance dept, the mail room guy, the receptionist, the post closers, the appraisal review staff are the ones who are going to have a tough time, they didn't make severy hundred thousand a year or even millions with FIL.... there are numerous people who are really going to be hurt by all of this..... the job out look in mortgages for production staff is slim.... for sales staff the jobs are a dime a dozen just check out any job search engine! so don't go being snotty about people lossing their jobs, if they had shaken up the snooty management who knew it all things might be different, instead loans were given to any poor blok who was barely breathing...much less able to make a house payment much less care about making a house payment...
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djtomr941
Your a complete idiot. True alot of people got in over there head but why spew all the hate. Were you one the Rejects who couldnt cut it and couldnt pass the panel interview? Rating :
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HAHA Don't you wish. I have nothing to do with the mortgage industry. I just know those pompous dumbasses. Yeah, they can get sales jobs... but selling what? Who is buying their crap. I wouldn't put that I worked at FMT on my resume. OH! But I didn't
You reap what you sow. Dumba$$e$. Rating :
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This company had underwriters?
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I was one of the employees laid off in January...
I feel fortunate to have been in that group!! I doubt that all of the poor folks going in tomorrow are going to be as lucky... Rating :
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That addresses the subprime side. Any word on the commercial side? Are they still lending, or will everyone shift to asset management?
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the e-mail is a phony, well done but not real.
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Its not a fraud. Fremont in Tampa is in 2 offices known as Tampa 1 and Tampa 2. I doubt someone just making things up WOULD know that.
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not to mention the way he started the email as "Teams" it is how Brian addressed the employees in all of his emails. plus, the address lines for the groups is exactly the same as on any other internal email.. i am sure it is going to hit the fan if it hasn't already because his email leaked out. it is my understanding the poor folks in tampa have to sit at the freaking office until 1:00 tomorrow afternoon for the company wide conference call.
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nice try casey, however, i have had way too many people call me about the closeing. i even understand from someone in CALIFORNIA that they heard the breaking news on CNN and their phones started ringing at 2 in the morning... do don't know where you got your misguided information, but considering i have talked to at a minimum of a dozen of my previous coworkers.... i do whole heartedly believe it is true.
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Denial can be a killer.
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I think in the notice they are to cease and desist all lending. Subprime and Commercial.
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Correct. That's how I intrepret the filing.
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What is your interpretation today and how is that consistent with the email?
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The email just has to do with the Sub Prime side in Tampa. The FDIC notice is the one telling them to cease on the commercial side as well. At least until they "clean" things up. That could be why they want to unload the Subprime side.
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I believe you have said elsewhere that the message to Tampa was that the doors were closing on both the residential side and the commercial side. I take it that you are now correcting this position. I suppose the email could be legit if one interprets it as relating only to the residential side but if this is the case then I guess I would not see this as anything but speeding up of what may have been expected anyway.
I have not read the mass of emails yet from today but it was my understanding that the Cease and Disist Order was related to the residential side of the business. And yes this would explain why the Subprime is being sold. Please refer me to the FDIC Cease and Desist Order for the commericial side. Thanks. Rating :
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Someone should send that post to the SEC and have it investigated!
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Why this is old news back in 2007 what does this have to do with FMT today? Unless you want people to think this was written in 2008. You are truley a LOSER.
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this is to bring the point that the company has been looking for suitor(s) since then, but finally on 2/28/08 that they have hired Credit Suisse and Sandler to do the 'paperwork' for them, jmo.
hey azzclown, do you know how much it cost to hire just Credit Suisse alone for each month? Sentiment : Strong Buy Rating :
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Thanks for the clairfication-
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