Impac cuts 350 jobs nationwide
August 22nd, 2007, 4:11 pm · 127 Comments · posted by Mathew Padilla, Reporter
Impac Mortgage Holdings in Irvine said today it cut 350 workers nationwide to cut costs amid turmoil in the market to sell loans to investors. The cuts amount to about 40 percent of staff by my math.
Late last month Impac cut 190 jobs, or roughly 20 percent of its staff, leaving it with around 800 workers.
The lender, which previously focused on loans to people with minor credit issues known as Alt-A, on Aug. 13 reported a second-quarter loss of $152.5 million.
During a call with analysts, CEO Joseph Tomkinson said the company was not considering bankruptcy and that it had met all margin calls from creditors up to June 30.
The mortgage REIT has struggled to sell loans amid a lack of investor confidence in bonds backed by all but the safest mortgages.
August 22nd, 2007 at 4:43 pm
I’m curious to hear about the mix of people let go because afterall impac is a public company which needs a quite a few people just to maintain compliance with the expansive SEC/legal requirements.
Matt thinks there’s 450 people left, other accounts pin the number at a 50% reduction which translates to 350 left.
At what point is the building filled with groups in the so-called overhead bucket (like accounting, IT, legal, etc) and no sales folks?
It’s gotta be getting darn close, right?
August 22nd, 2007 at 4:55 pm
Impac will be lettnig go of everyone else on October 21st. They called their employees in today to tell them and said that effective now, they can no longer even take 1 sick day.
Only their managers will be left.
Beware if you are a broker, be careful with your money and send your loans somewhere else. We are sinking fast, we’ve only received 12 submissions in today, that’s it. Call and ask.
Everyone is scared to do business with Impac and they should be.
Their CEO will never tell the truth to their own employees or even the register, these are not honest people.
August 22nd, 2007 at 5:12 pm
I really like that Impac is cutting hours/pay/employees and yet:
1) have a BRAND NEW full service cafeteria on the first floor of their office building
2) invested A LOT of money into the restaurant “Kimera”, an overpriced/low quality food establishment that shares the same parking lot that Impac owns
3) just purchased Pinnacle Home Loans in Fl and has since laid off a large portion it’s newly acquired staff.
Oh, and my FAVORITE part is that any employee who has made any kind of comment, INCLUDING disputing lies told by CEO Joe Tomkinson was/will be terminated.
Freedom of Speech anyone?
August 22nd, 2007 at 5:20 pm
After October 21st, there will be close to 200 people left.
There will be only one person working on tyour loan submission, that’s it, only abour 3 broker coordinators, 2 Funders, and 3 underwriters, 2 funders, that’s it,
oh,,and a bunch of do nothing all day managers.
How do expect this kind of small company to get your loan done?
August 22nd, 2007 at 5:33 pm
Here are some facts: YES, Impac is laying off more of their staff (approximately 50%), however the company has given many of the their employees a 60 day notice. As an employee of the company, it was very considerate of them to that for their staff comparing to the other mortgage companies who doesnt give any notice and just closed its doors. Also, within the next few weeks, the company will be providing assistance for those employees who recieved the white envelop (60 day notice) w/ resumes and seeking other job listings out there. The company tried their best to keep everyone and hold onto as long as they can. I am one of those employees who received the 60 day notice but I won’t be leaving this company w/ any bitter because I believed it was very considerate for the company to do what they did today by providing and giving the employees a 60 day notice instead of another immediate massive layoff. ***As a reminder, massive layoffs are happening in ALL areas of the mortgage industry. And for those of you who are not familiar with the industry, this is just another cycle.***
Hopefully with given the 60 day notice, those employees will be able to find another job during this time period. Wish the best to all of them.
August 22nd, 2007 at 8:37 pm
So my questions are:
How many amployees were there last week? How many employees were terminated immediately? How many employees will really be left after 60 days? What departments will they be in?
I am basically trying to figure out if this will be a viable company next year.
August 22nd, 2007 at 9:35 pm
No, this is not a viable company. If you’ve got anything (stocks, loans, 401ks, chia pets) invested in this company, get them out right away… the shiteth is going to hiteth the faneth.
August 22nd, 2007 at 10:26 pm
As a current employee of Impac, why were we the chosen ones to receive the 60 day notice without a severance? We were loyal to the company and we get “what” a 60 day free pass for all the blood and sweat that we put into this company. Why couldn’t we be the ones who were layed off and receive a severance? I guess that’s what we get for being so loyal.
August 22nd, 2007 at 10:47 pm
To: Another Current Impac Employee -
You may be feeling grateful to Impac management, but you can be more thankful to the WARN Act which protects employees that are being laid off in quantities of 50 or more from any one site location.
I suggest that everyone remaining at Impac (Under the WARN Act) demand IN WRITING the full statement of your rights… which address ALL aspects of how you are to be paid and under what circumstances they do not have to pay you. If they are provided to you on Impac letterhead, then go to the web for accurate information.
Personally, I think you all should storm Ashmore’s office and confiscate the $500,000 he yanked from Countrywide Bank the other day. For that matter, confiscate his Porsche as well. In fact, you might as well grab Joe’s yacht docked at the Balboa Bay Club and his jet sitting at John Wayne.
These guys (together with the board and executive management) have had their heads in the clouds for so long… and, now the world is now seeing what they truly are… POLLUTION.
Spend your 60 days wisely. Make use of your time to secure a new position OUTSIDE OF THE MORTGAGE BANKING INDUSTRY.
August 22nd, 2007 at 11:18 pm
Dear “Another Current Impac Employee”,
Please realize that the only reason any one was given a 60 days prior notice of the lay offs wasn’t because Impac gives 2 cents about anyone there, it is the LAW. Yes, Impac used all of its “get of jail free cards” for lay offs this year and had to either give everyone a 60 day prior notice OR lay everyone off with 60 days paid. Call your lawyer, look up California labor laws or just ask HR. Impac isn’t helping anyone. They legally had to do it to save their own @ss.
Most or all the remaining employees are either supervisors, managers, or top executives and top executives family members. That is a very top heavy structure. Heavier things fall harder. I guess the rest of the employee’s will need to show the executives and managers how to run all of the computer systems before the 60th day. I’m sure the remaining people will be gone soon once Impac is bankrupt at the end of the year (the obvious was pointed out for the dumbies) and Joe and Bill run off to their houses in Hawaii or where ever they hide their bars of gold and pirate treasure.
August 22nd, 2007 at 11:39 pm
My buddy who works at the IT dept of Impac got laid off. I had a conversation with him and he’s appreciative of the effort done by their CIO, i.e. giving them the 60 day notice. Obviously, the WARN Act does protect employees from mass-layoffs but for him, he doesn’t really blame management for this (as a lot of people do.) Its just the nature of the industry right now. Some folks just feel that they need to blame someone to make them feel better and obviously, those highly-paid execs are the perfect targets for this. I’m not justifying their salaries or stock options, but just stating the present facts. Still think that Impac will survive as I still have faith in the management team.
August 23rd, 2007 at 12:03 am
To: Dr. What
The company handed out the 60 day notice with the company’s letterhead and signed by HR. Procedures today were done professionally. There is no reason to go after the top executives, I concur with MrInsider, many just need someone to blame and its obviously the top executives are the perfect targets. If you were a CEO of a company with hundreds of employees underneath your payroll, how are you able to have the decency to tell your employees that the company is downsizing especially when the market for job openings are very minimal? I suggest that people, put themselves in those top exec’s shoes right now. Also, when the company was doing great with sales and profit, were they any complaints from anyone? Through the previous layoffs, management in my dept has tried to keep everyone one of us as long as they can but unfortunately this time, they were unable to. They did their best!
Thank you for your kind words Dr.What, I will be spending the 60 days wisely with co-workers through Impac’s help in seeking other positions out there.
August 23rd, 2007 at 6:08 am
Stinks that many are losing their jobs.
It blows me away that some think that this company (and others) are being ‘considerate’ to their employees by giving employees 60 day notice.
Folks…the company is not being ‘considerate’ to it’s employees…they could give two hoots about you all. The only reason a 60 day notice was given is because it’s required by law…WARN act.
Sheesh.
August 23rd, 2007 at 9:22 am
its sucks over here 59 days left
August 23rd, 2007 at 9:24 am
At what point is the building filled with groups in the so-called overhead bucket (like accounting, IT, legal, etc) and no sales folks?
It’s gotta be getting darn close, right?
Actually I heard that a lot of IT was being let go.
August 23rd, 2007 at 9:37 am
so what the hell am i supposed to do now ?
August 23rd, 2007 at 10:18 am
play solitaire?
August 23rd, 2007 at 10:42 am
…so they gave you 60-day notice but they’re still making you come to work everyday???
yikes, that’s totally different than a 60-day severance.
are they allowing you to take a long lunch for an interview, etc?
sort of dangerous, you could have a pissed-off termed employee that wants revenge and starts deleting/destroying files, etc.
August 23rd, 2007 at 10:51 am
I don’t have solitaire on this computer…
August 23rd, 2007 at 11:01 am
Actually, sorry guys that really does suck and while I meant it as a joke I am sorry to hear what is happening to you all.
August 23rd, 2007 at 11:22 am
Wake up guys I worked for Opteum Financial Services in Foothill Ranch who recieved the same 60 day notice. The only reason why you were not let go on the same day as the meeting is because of the WARN act. You will be sitting around playing computer games in the office until suprise you come to the office one morning and are locked out before the 60 days are up. Management will use you to clean up they’re mess and pretend everything is normal until one by one you are escorted to your desk by security to gather your stuff and hit the road. Good luck with the job hunt it is tuff right now with about 5200 people laid off since Jan., start looking while you are still collecting a paycheck.
August 23rd, 2007 at 11:26 am
So the aftermath of this…VP’s and Management gets to keep their jobs and those fortunate enough to be in their good graces are protected.
This layoff was inevitable, but its outrageous to see who was let go and who gets to stay. Makes no sense. But very typical Impac.
August 23rd, 2007 at 11:33 am
Are they being considerate about the 60 days? Or are they being smart. If these people get a job, IMPAC wouldn’t have to pay for unemployment or severance?
August 23rd, 2007 at 11:55 am
Joe and the rest of upper management don’t care about the employees that they have working for them. Do you think this is the first time Joe has opened and closed a mortgage company? And if he just bought Pinnacle that means he is ready to get rid of the Impac name and go retail until the market up swings and he build it again from there. Don’t fool yourselves. Many of mid management may care because you have worked with them daily for years and go to know them personally, but why hang on to a job because of friendship. If you want to be eating top ramen for life, then stay, but if you want to make money, change carrers now. When the mortgage industry comes back in 5-10 years, then consider getting back in. Think about you first!
August 23rd, 2007 at 12:11 pm
just pay me a severance and i will leave dammitt
August 23rd, 2007 at 1:01 pm
Gardy & Notis, LLP Announces Filing of Class Action Lawsuit Against Impac Mortgage Holdings, Inc. — IMH
ENGLEWOOD CLIFFS, N.J., Aug. 17, 2007 (PRIME NEWSWIRE) — Gardy & Notis, LLP announces that it has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of Impac Mortgage Holdings, Inc. (NYSE:IMH) securities during a class period of May 10, 2006 to August 15, 2007.
The complaint charges Impac and its top executive officers with violating the federal securities laws by issuing a series of materially false and misleading press releases and filings with the SEC concerning Impac’s financial results and business prospects.
Impac’s representations concerning its Alt-A loans are alleged to be patently untrue, with the Alt-A loans actually being sold to less creditworthy borrowers, so that the loan portfolio was experiencing the same risks and discounts in securitization as sub-prime mortgages. At the same time, Impac overstated its financial results by failing to write down the value of its loan portfolio, thus falsely inflating the prices investors paid for Impac securities.
If you purchased any Impac securities between May 10, 2006 and August 15, 2007, then you may, no later than October 16, 2007 (60 days from today), request that the Court appoint you as lead plaintiff for the class of Impac investors. Any member of the class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a class member. Plaintiff is represented by Gardy & Notis, LLP, a law firm with extensive experience in prosecuting securities fraud class actions on behalf of aggrieved investors.
If you wish to obtain a copy of the complaint or have any questions concerning this lawsuit, please contact Mark Gardy or Dustin Mansoor at 201-567-7377 or by e-mail at mgardy@gardylaw.com or dmansoor@gardylaw.com. You can also obtain more information by visiting our website at http://www.gardylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primenewswire.com/ca
CONTACT: GARDY & NOTIS, LLP
Mark C. Gardy, Esq.
mgardy@gardylaw.com
Dustin P. Mansoor, Esq.
dmansoor@gardylaw.com
201-567-7377
Fax: 201-567-7337
http://www.gardylaw.com
440 Sylvan Avenue, Suite 110
Englewood Cliffs, New Jersey 07632
August 23rd, 2007 at 1:20 pm
Re: WARN Act
They are only required to pay you if you are there during the 60 day period. If you take another job and subsequently leave before the 60 day term expires, then they do not have to pay anything beyond your last day with them.
I’m certain that there is a significant amount of inside knowledge of ‘wrong doings’ that can now be exposed. You owe these people nothing… and you should take what you know and blow the whistle to Dateline NBC.
Do not think for a minute that anyone is (or has been) watching your back-side. Grab your PROOF and MAKE IT HAPPEN. It will be for the good of the industry to POINT FINGERS.
August 23rd, 2007 at 1:45 pm
dr what .your a rat there is no whistle to blow just dumb homeowners who cant add up that payment make sense ?? it should
August 23rd, 2007 at 2:35 pm
Sorry bla…
We’re not getting severance no matter what…
August 23rd, 2007 at 2:37 pm
Dr What?do you know?:
Please… Dr What? is not a rat… just correct. You should want to protect your @ss…not anyone at your precious company. I worked for them for a long time, saw fraud happen, told management and all of my warnings were ignored. You don’t want to tell anyone probably becasue you were one of the ones just signing off conditions that were not verified or confirmed as true and correct. You deserve no severence because you added to the problem so stop whinning about it and go and get a real job.
August 23rd, 2007 at 4:25 pm
Folks it must be nice to get the 60 days. We came in on a monday morning and the movers were there. We didn’t get any paperwork and have no idea if we are getting severance. And we were only with Pinnacle 8 weeks when Impac bought us. This company is going down, they still have a sale of 1.6 Billion that has to happen or they are up the creek.
August 23rd, 2007 at 4:26 pm
My mortgage is with Impac. If they go BK do I still have to make the payments or is the house mine now since they went BK?
Can anyone tell me?
Thanks!
August 23rd, 2007 at 4:46 pm
Eddie: Impac isn’t going to be servicing your loan. Find out who they sold it to and make the payments there. There is no way if a mortgage company goes down that you would get your house for nothing. When you signed your note you have obligated yourself to that debt until it is paid off. Do not assume that you would not own it free and clear.
August 23rd, 2007 at 5:03 pm
Does anyone know if employees under the WARN act have any rights? What things may be considered illegal for the company to do to the remaining employee’s governed under that act?
August 23rd, 2007 at 6:14 pm
Wow..so many idiots. Be happy and grateful that you got a 60 day warning. There were plenty of other very bad options they could’ve taken.
Freedom of Speech? Are you serious? I’m glad you got let go.
August 23rd, 2007 at 6:17 pm
So my friend who works at IMPAC today told me that the upper management had the IT department block hotmail, yahoo, gmail and anything else to prevent the employees from checking their personal emails. Apparently they do not want anyone talking to the press. They even blocked the ocregister. You can’t even access it anymore and from the looks of it, people are coming out to air out the dirty laundry in there. Wouldn’t it be better and safer to just give the employees who were given their 60 day notice their severance pay so that they can just move with their life? I would be afraid to be in that building with so many pissed off people. Who knows what someone might do. Do the right thing. Give these people their servereance and let them move on.
August 23rd, 2007 at 8:07 pm
I worked at Impac - I left approx 2 yrs ago - I loved Impac however they are shady - upper management is greedy - its a fact - I know they have done alot of SOX violations, they are corrupt - its a fact -
Im curious who is still left - is Purchasing Managers there, Gretchen, who I love, I understand is not wrell, still never found out what is wrong with her
To those still there get out - they are sinking and when you find a new job and escape their insanity you will be grateful —
August 23rd, 2007 at 8:50 pm
It would be wise of those who are left gather what they can and prepare to sue them. Impac has knowingly violated many labor laws and other laws.
Get a employee policy hand book, they must under law allow you to print and keep a copy for your own use.
Under their policy is a section related to make up time…. As a salary person you are not required as they would, to do make up hours or doc you pay for working less then 40 hours.
I know for a fact that if you worked 36 hours in a week period they would pay you only 36 hours and depending on your manager require you to do what they termed make up time. which if you made up 40 hour plus the 4 to make up, they would not pay you at the rate of overtime, they would pay you the flat 4 hours.
Others that were hourly were heavy hinted at to take work home to stay on top of the work load and at times denied approval for over time or given the hint to not enter the overtime to avoid the possible termination..
If I was a employee there, I would print the employee hand book, print each time sheet, paystub and take this information home with you. If you can gather a same group you can turn the above into a class action suit.
If management or IT blocks you from doing so, you should call fair employment and housing to report this… they are not allowed to stop you from doing that…
I know there are other actions taken there, its up to the employee’s to stand up for their own rights.. wish you all well… I would look outside of the mortgage field, there is not much out there…
August 23rd, 2007 at 9:14 pm
IMH is just going though a cycle with the rest of the mortgage industry. They have done and continue to do what they must to meet margin calls so they will be here to go on when the downside cycle is over.
August 23rd, 2007 at 9:41 pm
Just glad to see that a lot of the scum that doesn’t do anything about wrong doings that HAVE BEEN reported, will be cut on or before Oct. 21st as well.
August 23rd, 2007 at 9:48 pm
they will not be there after this year. Get a clue, they are also suppose to release a story (made up) to get back some business by saying that they “are hiring 100 new employees” this story will be bogus of course, lies as usual, just a last ditch attempt to pursuade people from pulling their money away from Impac. Do not lose your money, Do not send your loans there.
August 23rd, 2007 at 10:01 pm
This is just plain WRONG. I feel bad for my friend and the other employees that received the 60 day warning. Is it really smart to keep pissed off employees in your building? I doubt those employees will actually be able to stay the full 60 days to collect their paychecks. Everything the upper management has told them has been a lie. Here’s a new one that he told me about. All employees who received the notice cannot call in sick unless they have a note from a physican or they will be let go before the 60 days is up.
August 23rd, 2007 at 10:10 pm
IMH investor -
There will be no dividend paid until Q3 ‘08 at best per Joe T’s pal at Roth Capital. I certainly hope that you have better investments in your portfolio to boast about other than this POS. It’s no longer a cycle-driven industry. This is now a holocaust. Whatever you have invested in IMH is at serious risk, and it is certainly NOT prudent for you to make such nonchalant comments when the industry is running in crisis mode.
IMH stockholders have historically NOT been privy to pertinent news coming from Impac that would/could change investor outlook. Stay tuned… You’re about to witness a barrage of dirt that has been swept under the Impac carpet for the past several years. Expect SOX violations to wide-spread harassment from those who have kept it bottled up for way too long.
August 23rd, 2007 at 10:15 pm
YOUR BLOGGER: Folks I’m enjoying the debate on Impac, but please no four-letter words, even if they’re cleverly disguised with symbols ($@)).
Also, I allow critique of top management, since they have a track record of media exposure. But I typically won’t allow attacks on employees or managers unknown to the general public due to potential libel and the fact that I have absolutely no basis in judging if there is any validity to such an attack.
Thanks for playing fair.
August 23rd, 2007 at 10:27 pm
To reconfirm the comments about personal emails being blocked, it’s all true. IT was instructed by greedy upper management to block employee access to all personal emails. It was nice of them to NOT send out a notification. If Joe Tomkinson thinks the email blocks will prevent the truth from coming out he’s (YOUR BLOGGER: What did I just say about keeping it clean?). You can’t stop people from talking, from writing, from coming online. Whether they do it at work or at home, it’s inevitable. For this blogger, I’m coming online every night…
Look for my future blogsite “The Impounder”, coming soon to your local YouTube provider…
August 23rd, 2007 at 11:29 pm
My boyfriend currently works at Impac and is one of the people who received a Warn act letter. He says it’s pretty bad there right now. Most people sit around and do nothing all day. He says there’s just no work and they may cut his hours down more. Under the Warn act is he suppose to be entitled to his full pay or can they just cut his pay down?
August 24th, 2007 at 12:32 am
To IMH investor,
LOL good luck with that. You wouldn’t still be holding pets.com or webvan stock would you?
How can Impac live on FNMA loans when that is what the big players like Countrywide have to live of of? Simple answer they can’t. Do you want a 7% loan from Impac or a 6.5% loan from Countrywide? Mmm let me think about that. Impac loses. Say goodnight.
And people keep it clean. Show some respect for the blogger who without him you wouldn’t be able to post in a mainstream arena.
August 24th, 2007 at 5:23 am
I once worked there as a inside auditor, during that time we had found so many violations that it was getting out of hand. For one department alone I had worked on, had over 8 pages of violations. This company I would have to say was the worse in violations that I have ever seen. During my interview process of that department to make the corrections, the director and VP came right out and asked me how could they fix it so it looked like it was fixed and be able to do what they have been doing. I warned them that they did not want to do that and that it was better they make the corrections…. During my follow-up I was handed part of the documentation need to confirm they fixed the issue, although I later discovered that they had done what I warned them not to do, which was to brush it under the carpet and pretend it was fixed. Their logic was that now they had the road map on the violations and if they happened to be audited from outside, they could now easily cover up the violations….
I have been just waiting for some one to hit them up for a audit, they would have to cease operations to fix some of their SOX violations… I am betting sooner or later they will let go of the wrong person who has the key to the information and then they will be fined into BK.
As for the employees with 60-day notice, now it has been 3 years back, but I believe it is still true… while going through the same process at a bank they actually paid a outside person to give notice to the employee’s, at which time they gave a packet with all of the employee’s rights during that period. And a few of them that I did see used and was great, was that each employee had access to PERSONAL EMAIL..Monster and so on.. the employee’s were allowed to come to work to look for work… during that time they had access to fax, and copy machines. Access to all sites related to looking for work were opened, personal email was opened with the understanding that it was to be used for sending resumes….And phone interviews were allowed… at that location they just set up a few rooms to allow people to have some privacy and to allow those that had to still work, work in peace… so I would look up the warn act and the labor laws of california… print that stuff out and give a copy to the HR department…. enforce your rights..
Plus they are not allowed to change the policy on sick time.. although companies have the right to set their own policies they still have to follow the regulations of state labor laws.. your best defense is to print the employee hand book, which has all of the companies policies, then print out the state labor law related to sick time… under the state you will see you do not need a doctors note for less then 2 consective days.. if Impac attempts to enforce such, I would contact a lawyer, they would love to go after Impac, plus if you get a small group that have been threaten of termination because of missing any time, you got yourself a class action… trust me Impac loves to come up with their own laws, and they do get away with it, because people are to afraid to stand up. So the law is there to help you during this time and you have many avenues to enforce the law to protect you.. Lawyers, Labor Board, Fair Employment and Housing Act, tons.. use them… So if you have to call in sick call in sick… just follow the state labor law….good luck.. there is not much as far as mortgage jobs out there…
August 24th, 2007 at 6:43 am
You cant deny the truth — people who have worked at Impac (myself included) saw things and even were asked to do things that were in CLEAR violation of SOX laws — Ive said it before when they were riding high - which was when I was there - they were an amazing place to work - quarter lunches w/ sometime cash on the spot bonus, tbey gave free classes ( I got my real estate and brokers license with Impac paying for it), lunch on your anniversary with Bill or richard. They hid the reality - they broke many laws were so greedy — unbelievable —
August 24th, 2007 at 9:04 am
Simply unbelievable…and all the time I was there I thought they were great to work for. Heck they didn’t even block personal email when I was there. Gotta love websense *sigh*.
August 24th, 2007 at 2:53 pm
To Matt Padilla:
Instead of everyone guessing and speculating what is going to happen, can’t you just contact Joe T. and get the straight scoop from him? It is really sad that many people are so bitter. Unfortunately for anyone who has been in the mortgage business, this is what happens. Business is business. Looking forward to Joe setting
the record straight.
August 24th, 2007 at 3:14 pm
Why in the world would you ever rely on Joe to tell the truth. This man can’t tell the truth to save his life. He will never be honest about what is going on with the company. He never has been. He tells the register about things that happened weeks ago that everyone knows about already. He will never tell them what is currently going on because he doesn’t want the public to know how screwed Impac is. Trust me, they will have many more suits coming against them. You can not make up your own labor laws, you must follow state labor laws. And anyone who has been cut from 40 to 32 hours a week, file for unemployment, CA state Law: if you are employed less than full time, you can file for unemployment, Impac will have to pay the 8 hours a week that they took from you.
August 24th, 2007 at 3:28 pm
To Isn’t if over yet?
I have spoken to Joe two or three times this year. Of local mortgage company CEOs, he has been the most accessible for the media.
However, he has consistently been guarded about what the company plans in the future. For one thing, executives of public companies are limited by law in what they can tell an individual journalist. Any “material” information or announcement must be given via a general distribution press release for all to see at the same time.
Even so, I previously have directly asked him about layoffs and the future staffing levels of the company, and he has never provided much guidance on what job cuts might be coming. He has simply said the company will try and make conforming loans and survive this downturn.
What I advise everyone to do is send me any information you can via email at mapadilla@ocregister.com and if you have documents you want to share anonymously, put them in an unmarked envelope and send them to:
Matt Padilla
625 N. Grand Avenue
Santa Ana CA 92701
August 24th, 2007 at 3:35 pm
well i still work at impac and i too was givin a 60 day notice the thing that irks me is that i have wked for my sick days 60 hours total and i too cannot call in sick unless i have a docs note how is this correct does anyone know what i can do to collect what is rightfully mine /??
August 24th, 2007 at 5:17 pm
To sill at Impac
By law you can not use the 60 hours just to use though, although on the other hand Impac can not threaten your job if you use the sick time. My advise to you is to read over the california labor law, you will find that as long as you do NOT stay out of work for more then 2 days in a row and I believe its 40 ours in a pay period, they can not enforce the doctors note on you. What I would do is take a friday and Monday off as sick come in work for the remaining week then the first four days of the next and have another 4 day weekend.. by law as long as you feel ill, they CAN NOT require you to have prior managers approval for being sick or demand a doctors note. If they state they do, call the labor board and take a lunch and file a claim against Impac, its a easy form you can fill out… or you can use the Fair Employment form on line… doing that will give you a better stand if you ever have to take them to court. they will do anything to make sure claims are not followed up by Fair Employment…
take care…
August 24th, 2007 at 5:30 pm
Impac Mortgage Holdings lists $181 million in cash, $380 million in receivables…..YET $21 BILLION IN LONG TERM DEBT (!?!?!?). This one really is a no-brainer, folks………………..
August 24th, 2007 at 6:20 pm
By the way, California State law requires a 60 day layoff notice.
Just incase you did not know.
Of course, a company going under today does not have an option to give a 60 day notice.
Trust me, you were not special.
August 24th, 2007 at 6:57 pm
Can someone who is still working at Impac tell me about who is still there management - I know exactly the kind of people they are - but thats mostly upper management - mid-management were awesome -
who is still there Kathy Murray? Cynthia Barrett?, Linda Sepulveda, ercan ozbeck, Christy Scott, Im just curious how they are all surviving?? anyone know more info on Gretchen???
August 24th, 2007 at 9:22 pm
Sarah-Cynthia B retired earlier this year(she was the smart one!) Christy Scott has been gone for a long time now. Did you work in the servicing setup department? I used to work there too….but was let go glady in May. I was one of the lucky ones to get a nice severance package. One week for every year I worked there plus two additional weeks and all my vacation paid out. It was a nice place to work, just the industry is in a cycle. It will turn around again in about 5-10 years.
Thanks for the memories.
August 25th, 2007 at 6:23 am
Thank you - I started in servicing set up. I was there for 6 weeks before being promoted - I loved the mid management there - I stayed at Impac for almost two years, was promoted three times - when they were riding high it was an awesome place to work –
August 25th, 2007 at 10:14 pm
Cry babies, you get mad at the CEO and call him a crook but at the same time you dumb employees were writing thousands of liar loans for your commissions. You should just be thankful you got a 60 day notice instead of jail time.
August 26th, 2007 at 2:44 pm
yes employees work hard for their commissions and take care of their fellow employees and the company, hoping that the favor will be returned by their CEO. Unfortunately the CEO doesn’t care about the people who made him his money, only the people who are related to him and stay in his house.