I survived the layoffs...

[DurocShark]

Ameriquest lays off 3800

My department is now down to me and one other person in Colorado, the rest were let go. The Irvine office saw similar cuts, leaving only 6 there.

This is from well over 100 a year ago.

I don't know how I squeezed by, but I did. And I'm thankful. But I feel horrible for my former coworkers, some of whom I called friends.



The explanations given weren't very satisfactory. Even the above news article doesn't say much other than "huh?"

 

[ThePresence]

Maybe they should sell the blimp!

 

[Skunkwourk]

I was laid off by Argent a couple months ago...industry starting to crash maybe?

 

[DurocShark]

Originally posted by: ThePresence
Maybe they should sell the blimp!

It was just leased. In fact, the leases are up.

 

[myusername]

Originally posted by: Eghck
I was laid off by Argent a couple months ago...industry starting to crash maybe?

World ends in 4 days.

 

[MrDudeMan]

Originally posted by: Eghck
I was laid off by Argent a couple months ago...industry starting to crash maybe?

seems like a wise assessment

 

[astrocase]

Wow. I have friends that work for Ameriquest. I guess I should give them a call and find out how they're doing.

 

[Ronstang]

Originally posted by: MrDudeMan

Originally posted by: Eghck
I was laid off by Argent a couple months ago...industry starting to crash maybe?

seems like a wise assessment

I have noticed one thing. There are not 14 commercials every break 24 hours a day about refinancing and home equity loans.

 

[Spydermag68]

Layoffs suck...I know I was layedoff in 2001 and it took me over a year to find a job and then a another year to find a semi-decent job.

 

[jagec]

Originally posted by: Ronstang

Originally posted by: MrDudeMan

Originally posted by: Eghck
I was laid off by Argent a couple months ago...industry starting to crash maybe?

seems like a wise assessment

I have noticed one thing. There are not 14 commercials every break 24 hours a day about refinancing and home equity loans.

Hmm, maybe in another decade houses will be somewhat more affordable?

LOL, yeah right.

 

[FelixDeCat]

They have naming rights to our local baseball teams stadium.... Ameriquest Field. It used to be The Ballpark At Arlington, named after the city that paid for it. :|

Anyway, being that Ive worked for a mortgage bank for 15 years, the first to get hit when refi booms die are :

production workers
payoff workers
servicing entry
escrow services
extra customer service reps
temporary retail branches (now mostly managed by either brokers or credit unions)
etc.

Im so deep into servicing and a one man department, so Ive survived several boom /bust cycles including 1993, 1998, and now 2001-2005. 2006 has been dismal.

Id seriously consider leaving or relocating to the home office if you arent there already.

 

[Zim Hosein]

I don't know how I squeezed by, but I did. And I'm thankful. But I feel horrible for my former coworkers, some of whom I called friends.

It is a situation, but look on the bright side DurocShark, you still have a job IMO; harsh... yes, but you have to look out for yourself sometimes.

 

[OS]

since this is the mortgage industry, this might only be the beginning.

 

[Plop]

Originally posted by: Eghck
I was laid off by Argent a couple months ago...industry starting to crash maybe?

same here Eghck and I used to be co-workers at Argent and we got laid off. Doesn't surprise me though. Real estate is starting to go downhill.

 

[DurocShark]

Oh, I forgot to add that one of the board members here, Blade0, got laid off.

 

[Xylitol]

Thank god you survived. People are having some rough times through this and you lived

 

[Zim Hosein]

Originally posted by: DurocShark
Oh, I forgot to add that one of the board members here, Blade0, got laid off.

That's , but I say again, look after yourself 1st DurocShark, because no one else will IMO.

 

[Ronstang]

Unfortunately everything in business is a cycle, just like the economy as a whole. This was predictable. I am glad you are still employed and sorry for those who are not.

 

[axelfox]

Was it like Office Space?

 

[petejk]

Congrats on making it past the layoffs...I know how that feels.

One of your ex Ameriquest people now works at my company.

 

[HomeAppraiser]

Great, that means even more pressure from lenders to "hit the number" and "make the deal work".

 

[Siddhartha]

I have been at the same company for 17 years. The layoffs have happen on the average of every 1.5 years. At first they were getting rid of people they did not like and excess resources, "fat". Then they were getting rid of the bottom 10 or 15% performers. Now they are getting rid of people who are doing a good job but the company needs to cut costs.

Though the number of people have decreased the workload has increased. I am doing the work of three or four people. I nornally go home after eight hours unless there is a real important reason for staying later.

I experienced survivor syndrome after the first two or three layoffs. Now, if they let me go I will get a package which makes it worthwhile sticking around.