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.
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?
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.
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?
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?
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.
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.
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.
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.
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.
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.
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.
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.
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.
its sucks over here 59 days 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?
Actually I heard that a lot of IT was being let go.
so what the hell am i supposed to do now ?
play solitaire?
…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.
I don’t have solitaire on this computer…
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.
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.
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.
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?
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!
just pay me a severance and i will leave dammitt
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
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.
dr what .your a rat there is no whistle to blow just dumb homeowners who cant add up that payment make sense ?? it should
Sorry bla…
We’re not getting severance no matter what…
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.
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.
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!
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.
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?
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.
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.
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 —
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…
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.
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.
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.
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.
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.
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.
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…
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?
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.
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…
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 —
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*.
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.
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.
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
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 /??
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…
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………………..
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.
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???
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.
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 –
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.
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.
I think what crybabies means is the employees of impac couldn’t care less about taking advantage of thousands of people with time bomb loans practically setting them up for financial disaster, but now that their boss has taken advantage of them, their Johnny on the spot to cry foul. I guess its fitting to say, What goes around comes around.
Acytaully in response to the past couple of remarks - I LEFT on my OWN DEVISE almost two years ago - when i left Impac was riding very HIGH - I chose to leave because I did not like what I saw there - I did not agree with alot of what Impac was doing and I knew I didnt have the power to change things so I left — not everyone stayed and collected commissions knowing full well what was going on plenty of us left - and never looked back KARMA!!!
To the two who are calling people crybabies. Not everyone who worked for the company was involved in doing shady loans or even involved in doing loans period. They had no responsibility for what was going on or screwing over borrowers. That’s really dirty pool to make it sound as if they were somehow responsible for what others were doing.
Dreggas,Sarah quit two years ago because the shady loans were getting unbearable. The toxic loans have been televised and in news papers for years now and you’re going to pretend you didn’t have a clue. Anyone who worked there was an accomplice to this organized scheme. Because you didn’t actually sign the loan documents doesn’t get you off the hook.
Folks, what you see around you isn’t a mere liquidity crunch — it’s a wider, systemic, global credit crisis. The difference? That of between, say, the recession of 1990 and the depression of 1930 - 1941 (some would say 1930 - 1947). It’s a foregone conclusion that IMH and its ilk will fail. The bigger questions involve which BANKS that IMH dealt with will fail. I.E. JPMorgan lists collectively $1.2 trillion in total assets, also lists $70.8 trillion in notional notional derivatives contracts in their 10-K statement (as of March 31, 2007). And credit derivatives are what drove this bubble……….. P.S. If Joe doesn’t end up in jail, he can always go back to being a barber during this next, imminent depression.
Why did they bail out Pinnacle’s owners to the tune of 12 mil? It said they gave 12 mil for “good will”, but then said the “good will” was worthless. Sounds like the owners of Pinnacle are the only ones coming out of this ok.
You know what - for awhile there I can understand how some people who “chose” to not see what was happening didnt get it — but when Impac was audited while I was still there - there was a massive fine with many warnings about violations, many many of them. Impac paid the fines and did try to create an atmosphere of doing things on the up and up - anyone working there knew something was up. Do I think they were successful no - things were just hidden better - the problem is its hard to completely bash them b/c they were really a great place to work - I loved the people I worked with - the mid management they were awesome — I just couldnt sleep at night so I had to leave
I just got an email from an Impac Wholesale AE. It stated Impac Wholesale Officially Closed! I went to the Impac site and did not see a press release regarding this. Matt, have you heard anything to this effect?
subconscious,
This assumes everyone there worked in the lending operations. Did the people in the mail room know everything that was going on? Probably not. Did those working in tech support know everything that was going on, again probably not.
Look I am not trying to defend any of the bad lending practices, bad loans, violations or anything that is said to have occurred. I am merely saying it’s not right to lump everyone working there into the same bucket as those playing dirty pool.
When Enron went down did everyone working there get held responsible by the public? Yes this is crappy and yes people are losing their homes and yes it is pretty shady but don’t blame everyone for the actions and decisions of others. Not every hand there knew what the other was doing.
From the Crawford Ranch…
My boys at Enron were good folk (especially Jeff and Andy), don’t compare them to IMH. I know 25 year old’s at IMH that were making over 100k a month selling bad subprime loans. They know very well what they were getting people into. The worse loan you sold, the higher the spiff IMH gave.
IMH management should call me if things get too hot.. I can help make it go away…
-Ken L.
Did Impac make some questionable loans? In my opinion yes, just like the rest of the industry. However, isn’t it up to the person getting the loan to acutally make the transaction. If I go to buy a car and I dont like the deal I can walk away or go somewhere else. These people who took these loans are just as much to blame as the people making them. If they did not try to live in an over 500K home making 60K a year this might not have been so bad.
Cuervo - I just heard today that they let all the outside AEs go…I’m waiting to hear back from my old boss to confirm this.
To everyone else: I was laid off August 10th when they shut down the Oakbrook office (with no warning). It sucks because I loved my job. However we are all pointing fingers in the same direction. The best thing anyone can do right now is to CYA. If you stay on till the bitter end (like we did), you may just miss an opportunity to get another job. The job market here in Chicago isn’t the greatest & I can only imagine what it’s like in OC with all the lenders closing. You will be competing with THOUSANDS that have the same background as you. The faster you get your resume out, the better. If they won’t let you interview during the day, schedule after working hours (it’s common here). It’s been 2 1/2 weeks…my resume’s been sent 30 times & only 4 call backs. None of my friends that also lost jobs have found anything permanant either…all contract work inside the industry.
I wish everyone still there the best of luck during the next 2 months…and to all of you in my boat…welcome to the party!!!!!
My boys at Enron were good folk (especially Jeff and Andy), don’t compare them to IMH. I know 25 year old’s at IMH that were making over 100k a month selling bad subprime loans. They know very well what they were getting people into. The worse loan you sold, the higher the spiff IMH gave.
so the entire company was full of these 25 year olds hmmm? Like I said I am not defending the company here but I worked with a lot of good people there who weren’t involved in the operations/lending process. There should be no guilt by association on this one…
I will have to read the labor law websites recommended on this blog. I need a good lawyer. I’m still at Impac and was threatened by my supervisor to be fired if I didn’t work as hard now as I did before my 60 day warning. I’m pretty sure that’s illegal. Me and ALL of my co-workers were told that if we don’t keep working as hard as we did before the warning, that Impac could and will fire us. There is nothing to do anymore. All the bosses mysteriously left today for a break or meeting when the job fair was going on down stairs so I couldn’t go to the job fair. Thanks Impac! You’re a gift that keeps on giving!
For everyone screaming about the Sox compliance issues……YOU’RE RIGHT!!!! I probably know more things in violation than you thought were wrong in the first place.
Pinnacle was laid off today. Everyone in the company but a few people in Secondary Marketing. Nice of Impac. Buy a company, promise great programs and great rates then hike the rates, discontinue programs, bring on the worst rates that are getting wiped out by competitors and then lay everyone off! Employee’s couldn’t even sell the conforming loans for weeks because Impac didn’t train anyone on the new products until last week. To the AE’s left at Impac…why are you still there? How long are you going to let Impac have you work for FREE? Make them pay you something. If not cash, see if Joe and Bill will let you stay in their houses on the beaches of Hawaii and Costa Rica. Kind of like a time share in exchange for your free labor. Sounds fair to me. Oh and Joe can fly you out to Bills house in his private jet. Or you can keep working for free. Not really my place to say.
Impac only bought Pinnacle so that they could already be approved for Conforming loans. I guess Impac found it was easier and/or cheaper to buy Pinnacle and lay everyone off instead of just getting approved for conforming loans on their own.
Oh, one more thing for the remaining employee’s. Impac will not write you a letter of recommendation!!!! HR said NO! They will only give you verbal recommendations over the phone. Can you believe that? I’m going to look awesome going into an interview and applying for jobs with a handful of other recommendations from past employers but nothing from Impac. They refuse to!!! I can’t believe that. Impac is so high and mighty they can’t write someone a letter? Some of use have worked there forever and we can’t have a stinking letter?
I am probably calling a lawyer tomorrow. I am pretty sure that my rights have been violated a few times. You are not God, you do not have power over you’re employee’s Impac. You can’t threaten people for no reason at all. Or threaten them thinking you are going to scare them and intimidate people for no reason. You can’t take away the tools employee’s need to do their jobs and then threaten to fire them. It wasn’t just yahoo emails that are gone, they blocked our Outlook to outside emails. If you are outside of Impac we can’t email you. Just give us our severance pay. We aren’t working, there’s nothing to do, we are getting treated terrible for no reason, we are offered job fairs but can’t go because management (that still have jobs) are conveniently missing when it’s going on.
I’m calling in sick if I’m sick. Am I going to drive to work with a puke bag and take the chance of wrecking my car for a job I’ve already lost??? NO!!!! I worked for my 70+ sick hours and if I get sick, I’m calling in. I can’t wait until Impac asks for my sick note from the doctor. They aren’t going to get one. They will get a sick note from my lawyer instead!
Impac folks keep posting on email being blocked. I am sorry to hear that and hope I didn’t contribute.
When Impac had last big layoffs I was leaked an email about it and when I contacted investor relations I let them know I already had information from an internal email. The reason for letting them know was to facilitate confirmation of the layoffs. I never revealed the identity of the person who leaked the email and I never will. But the incident may be one reason for them limiting or even prohibiting email access if what people are writing on this blog is true.
I would say, fight the man! When you can, maybe from home, send me email from another account with information on these SOX violations or anything else employees and former employees keep mentioning on this blog. My email is mapadilla@ocregister.com. If this is all just talk, then quit bashing Impac if you can’t provide proof.
-Matt
Matt is RIGHT!!!!!!!
It’s TIME to provide PROOF to Matt, the Orange County Register or to DATELINE NBC. This is NOT a question of whether you have the proof or not… WE KNOW YOU HAVE IT. A LOT OF YOU HAVE IT.
For the sake of the mortgage banking industry, PUT THEM IN THEIR PLACE. For the sake of the employees (past & present), give them the satisfaction that Joe and Bill will face a judge, a jury, and the possibility of losing all that they have REAPED over the years (all the while only giving you a 4% cost of living increase and telling you that you should be happy to have a job year after year). Do it for the stockholders whom have always been left in the dark as to the realities of Impac.
DO WHAT IS RIGHT… AND DO IT FAST. The doors will likely be locked sooner rather than later.
I for one can attest to Matt’s honesty that he will never reveal your identity.
I also think if what is said is true the truth needs to be told by the MSM.
By the way I love this thread it gets better everyday.
For those of you still at Impac. Take charge of your own career. Don’t rely on the “kindness” of Impac. IF your manager disappeared and you say you can’t go to the jobfair.. go anyway. 1. THey aren’t there to see you gone to it. and 2. You aren’t busy with work because many many of you say everyone is sitting around with no work to do.
Don’t rely on others to help you. you must help yourself.
As for the SOX audit problems everyone is talking about. Matt, Talk with someone in IT. They know all the things that were changed just to show documentation to Audit and then changed back or that were issues that weren’t reported.
For those still there who think they have some job security, get out now there will be nothing left but Managers as the doors close on you.
The poster looking for a lawyer, I know of two that will be able to take a case, if you have solid proof, plus I can give you some hints on what has to be done to have a case.
The laws in California are hard to get around for the employee, they are so stacked in the employers favor, although there are things that HR does there and managers that will give you a case…. just start send all emails to your personal account. that means, if you have anything in writing no matter how little you think it may be, forward it to your personal email account, you will need it later… keep note of everything that is taking place, time, person, event..keep a daily log…
write me at freehomecenter at yahoo dot com
I have someone in at Impac, so I may have you meet up with her….
As for Matt, he is truthful and I would give the info I have on hand although I am in a position that I am unable to at the moment, although soon.. Just working some things out first…
I bet employees no longer able to post, read, or send outgoing email also got “the talk” about it from mgmt. I remember one such occasion when we were all told if we didn’t like something to get the hell out and that they would find whoever “posted” some sort of gripe on some website.
I cant believe it has gotten so bad for those still there what a fall from grace these people have.. just so you know when I left Impac I contacted an attorney to see my options (like I have stated I was well aware of the SOX violations going on there and that was two yrs ago) You really need tangible proof - my biggest mistake was that I didnt print things and email myself things when I had the opportunity (before I quit ) I had some stuff but mostly what i had was endless stories of the nonsense going on — its not only Impac employees who know the skeletons its brokers from other companies before I was an AE - I worked in purchasing and the contacts I had were brokers from other companies they knew what was going on - clearly — the attorney said if enough people came forward then they could pursue something - and he thought Impac would settle before allowing anything to go public (which is their usual M/O for stuff like this — its horrible —
Also, I know there are some of us that have shady managers that are not practicing what they should. I have reported things to HR such as my manager (after taking 2 of my sicks days) asks, “What’s wrong with you?” and also, asks “Are you having problems at home?” They are not allowed to pry into your personal life. Report things like this as well. When you get harassed by your manager report it.
Just wondering if anyone that reads this, still work at Impac, hopefully accounting… I use to work there and now a friend of mine who is owed a small amount was asking me what was going on…. So just wondering does Impac have the cash on hand to pay their bills? He sent over the bill some time ago and since has gotten everything from ” the person who needs to sign off on this one is out” , ” there was a admin mistake and it will be sent soon”, ” bills are only paid on paid days” and now he is getting it was mailed, he lives in Newport so he figured 5-days waiting was long enough…. Its sad they can not pay a 4500 bill for services…. makes you wonder how long they can keep paying their employee’s……Pay your bills Impac, at least that one so my friend will stop asking about your lame company….
I called investor relations today, just to attempt to get there side of things, and the vm at 949 475 3277, states she is out of the office until Tuesday.. then pushed zero to get to the operator, she attempted to find me someone to speak with, with no success.. she came back on the line and we had a short interesting chat… I said so no one is there.. she laughed and said nope.. there is hardly anyone here and those of us here have nothing to do.. so I asked her what she does all day.. she stated, I transfer pissed of people like you to VM, with no one there… So I asked are they still cutting, she said there is no need as fast as people are getting other jobs and leaving…
So with those that have been cut, and those that are leaving, how can this company remain open?
Anyone there have any numbers as far as how many people are left? and to the operator, sorry if I got you in trouble, but thinks for being honest in telling me that no work what so ever is getting done over there…
NYSE: IMH
In many ways, Impac is a great example of how the SEC system fails. REITs have always been an attractive investment for the retired. But if I followed this company based on the information that they provided, such as Annual Reports, Press Releases, Conference Calls, etc., I likely would have understood their position to be as follows:
1. They are making all of the necessary moves to safeguard the company through a difficult market.
2. They have reduced staff levels accordingly to reduce their monthly exposure in effort to keep the company poised for profitability.
3. They announced the acquisition of Pinnacle Mortgage which will give them a foothold on Retail business.
4. And, most importantly, they stated that they are doing everything possible to insure their stockholders investments.
NOW THE REALITY:
Unless stockholders access MESSAGE BOARDS such as this, or Mortgage Implode, Blown Mortgage, etc., they would never have an inclination of the depths of Impac’s TRUE issues.
Shame on Impac… Shame on the SEC.
And to think of all they money spent on the new bldg. Everyone barely moved in last November. I will not miss the hike from that parking garage to the bldg each day. I left this year because I couldnt take it anymore. I felt like no matter how hard I worked, it was never appreciated and they were never satisfied. If I remember correctly, wasn’t it that they purposely over-hired alot of people so they could cash in on more markets? seems like that backfired. And poor Oakbrook, I wonder if they ever had their intermittant Citrix connection issues resolved…yikes. Good luck to those left.
Can anyone that still works there please let me know, if they are still doing business and hopefully someone from accounting, are they still paying their bills?????
I am owed some cash and called a few times and no call backs… called a lawyer now and was informed that if this company is not paying bills, I can go ahead and spend my cash to get a settlement but would just add up to a piece of paper I can wave around saying you owe me money, but I already have that… so anyone from accounting, just say a simple yes we are behind and will pay our bills or nope we stopped paying our bills….. would like to know if I need to make up for the cash that you guys owe me… I do have a family to feed here.. so it would be nice to get a heads up if I am getting screwed…thanks…
Joe…. Hope your family is enjoying this weekend on your yahet or private plane as mine, we canceled our trip because the check that was promised never showed up and so nice of everyone there to place their calls straight to VM thursday and Friday.. Thanks Joe and Bill….
What is it that is owed? Commission?….please clarify and I will look into it for you.
wage and fees for delaying payment… totals 27,450
agreement was paid in 2 days now going on day 28.. was told many times over it was taken care of and still waiting.. now no response from anyone…
Bills, The 27,450 is tainted money. It was earned by ripping off poor defenseless borrowers. You should forget about it and repent.
I had advised them to go a different route although they continued their route, they used my services, so nothing related to their wrong doings.
So there is nothing to repent for on my end. I am catholic so I have enough guilt to make up for what ever you may think I should repent for, although thanks for the message. Any word if their have stopped paying their bills?
I keep hearing that they have stop doing any work besides attempting to clear off the bad loans that they have on hand, is this true?
Thanks bored5!
I wonder what the SEC rules are for a REIT’s monthly fact sheet? I’ll try to find out what the rules are but I know the SEC doesn’t like it when numbers are missing
The July fact sheet has delinquencies for June. I checked July 2006, and it was the same: N/A for July 2006 but it had June 2006 delinquencies. I’m posting on it later.
I’m not sure what the SEC rules are, but that at least suggests Impac is consistently a month behind on supplying the number.
So when are they going to be posted… anyone that is working at Impac are Joe and Bill showing up to work?
Or are they out of the office and are unable to approve the posting of them?
Anyone from inside know?
Joe and Bill may be the only ones left. None of the postings mentions that they shut down all of wholesale. Including anyone in corporate that had anything to do with wholesale. Impac is living off of Pinnacle’s retail stores. Layoffs are now a twice weekly event. Last bunch of layoffs the employees were told that there was “no more money left for severence”
Matt : next time you talk to Joe ask him about the Client Admin department and the repurchase requests. if originations go down by 5x but repurchase requests go down by x, is that good?
Matt can you confirm that Bill or Joe are in the office today?
I have tried although no one will give me a answer
Things are getting worse over there at Impac. They are trying to tell off spare computer inventory of the people they are laying off. Funny thing is, they are offering the people who they are laying off the option to buy their PC for $100! Those being let go have the First right of refusal then the regular (not yet layed off) employees get a crack at it.
Also have been told that the list for the next round of lay off’s has already been drafted and is ready to be acted on.
Watchout Iceberg Says:
September 6th, 2007 at 2:32 pm
Things are getting worse over there at Impac. They are trying to tell off spare computer inventory of the people they are laying off. Funny thing is, they are offering the people who they are laying off the option to buy their PC for $100! Those being let go have the First right of refusal then the regular (not yet layed off) employees get a crack at it.
Ok that is really bad, when I was there I remember them donating the old computer equipment to schools, wow…just wow.
I’ve stated it before and I’ll state it again…
Shame on Impac and the SEC for allowing this company to remain open. Nobody is looking out for the stockholders. They are clearly draining capital that rightfully should be divided up (whatever is left) and refunded to the stockholders.
Impac’s Board and Executive Management have ZERO exposure. Yet, they have managed to keep their salary and insurance in place. Once they shut the doors on the rest of the employees, they will resume as a passive reit and will continue to pay themselves graciously.
First they lay off with 2 weeks severance, than severance equal to the amount of years with the company, last round, sorry no more money for severance and we never got any notice at all. Although we were expecting the layoffs.
Sure glad they keep mangement - who are they managing????
Exec’s are still living the good life while the rest of us are scrambling.
the word is another email went out to employees letting them know about another huge layoff. This time starting in the mailroom and so on. looks like the ship has finally sunk.
I heard the same thing. Looks like it won’t be until Oct. like they thought.
wow, pretty soon they will be down to one person in each dept? LOL
Get a copy of the email and post what it says on here to prove your findings. It would be great to be able to see what they are saying
they have cut their wholesale completely, I had a friend who was laid off recently, HR is disputing unemployment claims since notice was given. Impac will not even pay unemploymeny anymore, What scum,
PER THE NATIONAL MORTGAGE NEWS DAILY BRIEFING (9/12/07):
Bear Hits Impac With Margin Calls Bear Stearns & Co. has hit Impac Mortgage Holdings with new margin call requests, according to a source familiar with the situation.
Dr. What - Gets news scoop prize of the day!
Matt - You gotta get on this before P. Jackson beats you to it.
During the last year and half of employment with Impac Lending - it became apparent to me that Impac was in it for the money. I saw Underwrting exceptions being made on loans that should have never been approved. The underwriting dept was managed by someone with no Underwriting experience - and gave exceptions because she had “warm fuzzies”. Execeptions being made on non-ower occupied; self employed housekeepers stating $10,000/month in income - Option Arm products. I mean COME ON!! Why bother hiring experienced Underwriters if management and sales are going to override UW decisions and grant exceptions - just because they want to see the number and see approvals. Exceptions being granted on everything from 2 yrs employment - to verifying assets. If Bill and Joe really cared about their company - they would have taken care of it. When Impac had their first layoffs - they should have stayed on the right path - tighten guidelines and approve good loans - instead - they would tighten guidelines for a week or two - see that no loans were coming in - loosen guidelines - tell underwriters that they do not work for the FBI - and not question over stated income; occupancy or assets if the submitted package fell within guidelines. Time and time again this scenario repeated itself - until finally the defaults were too much - then Bill and managment actually had the nerve to blame UW and Sales for the mistakes and default rate - loans that Sales and Management granted exceptions on!!! Sure Impac has given the last bunch of employees 60 day notice - promising help with bringing in Job Fairs and employers - what a joke!! Then to actaully say that you cannot call in sick for more than 2 days in a row — there is nothing to do at Impac - employess sit around playing computer games all day. There are few loans coming in - and the ones that do come in - the broker and borrower are jerked around with pricing - locking and in some cases - the loan being approved - conditions received - loan documents signed - AND then the loan is denied in funding - no wire being sent. If you try and lock a loan you are given the excuse of “the system is down” - “call tomorrow” - its always an excuse. During the last year of layoffs - every meeting began with “Impac is positioning itself to weather the storm” - employees left behind being told they were the cream of the crop - then the following month - Impac would actually hire more employees - then a month later - lay off some more employees. I understand the cycle of the mortgage business - what I don’t understand is the need to make bad loans - a decision was made every day to fund a loan - knowing that it did not fall within the guidelines - or that the borrower was in no way going to be able to afford the payment - especially when the loan adjusted. Sub prime consumers are not savy - they just want a loan - all they hear is the low payment - no one explains to them what type of loan they are in - I am not saying it is Impacs responsibility to educate borrowers - but it was their responsibility to adhere to program guidelines and approve loans that make sense. Impac has managers working in departments - making exceptions - on things they have no experience in. How do you have a VP of Underwriting granting exceptions when they have no underwriting experience???? Why is sales involved in Underwriting - why do you have a sales dept signing of conditions - with no UW/Processing experience. Signing of conditions - so they will get bonused on the loan.
Now I hear that they have a handful of people left who are going to be doing the Loss Mitigation - from what I hear these handful of people are the ones who granted all the exceptions - people who have no Underwriting or Servicing experience - yet they are the ones left behind - they are either personal friends or relatives of Joe and Bill. Taxes are due to filed - and margins are being called - do any of you still left think you will still be employed for another 60 days???
Impac Casualty -
Thanks for the post. I think it’s the first one on the board that states what we all know to be true. Impac and many others were in this for the money.
Now time to repeat myself:
It’s TIME to provide PROOF to Matt, the Orange County Register or to DATELINE NBC. This is NOT a question of whether you have the proof or not… WE KNOW YOU HAVE IT. A LOT OF YOU HAVE IT.
For the sake of the mortgage banking industry, PUT THEM IN THEIR PLACE. For the sake of the employees (past & present), give them the satisfaction that Joe and Bill will face a judge, a jury, and the possibility of losing all that they have REAPED over the years (all the while only giving you a 4% cost of living increase and telling you that you should be happy to have a job, year after year). Do it for the stockholders whom have always been left in the dark as to the realities of Impac.
DO WHAT IS RIGHT… AND DO IT FAST. The doors will likely be locked sooner rather than later.
So Wednesday was another round of letters sent out…. as posted here there was some speculation, and it did indeed come to fruition. My understanding is that there are now about 100-120 employees left, and they will all reside on floors 1&2 in the new building. Wow… and to think after the Pinnacle aquisition there were about 2000 employees just 4 months ago!
I got out awhile ago, and am so glad I did. Good luck to those of you left.
I am so glad I left when I did. HR was conducting training sessions for managers and they were advising managers as to how to document ‘problem’ employees so that Impac wouldn’t have to pay them. True Story! Not Surprised to hear Impac is not paying severance or anything!!!!!!!!!!!
They were bastards when I left too. They shorted me quite chunch of ‘earned’ wages!!!!!!
(all the while only giving you a 4% cost of living increase and telling you that you should be happy to have a job, year after year)
yeah I remember that song and dance…
I just can’t believe that Impac would stoop so low to undermine the employees that put more than 100% of their effort. All the Executives cashed all their stocks last year and left the employees holding the bag! If I had it to do all over again, I would do whatever it takes to see that Impac pay for what they have done.
So who is left now? Why did Impac build such a big building - seven floors? What are they going to do with the remaining 5 floors? They still have the lease on Dove.
Matt needs to ask why Impac thinks they we Alt-A and had nothing to do with subprime. What were the Preferred loans and Novelle loans? All were subprime. Old Kent Mortgage, look at the history. My friend that works there was given notice too.
I read about Client Admin, what happened to all the great people? I’m sure the Investors are not being told that TRUTH and are being told they are working at the repurchases and unable to give them answers. It will never happen.
I also heard that the employees aren’t able to use their sick leave and have to use their vacation time in order to try and find another job and if they use more then 1 day, they have to bring in a doctors note. Look how much money Impac saved themselves and screwed the employees. When will Impac close its doors, when they don’t have any people left to do what they have done?
Enough is Enough!!!!
No one has mentioned what happened to all the Pinnacle employees. Impac came in like they were going to save the world. Made all kinds of promises and then within 60 days laid off the entire staff that had anything to do with wholesale.
At least the California employees got 60 days notice in lieu of severance. The last batch of Florida employees got “nothing” other than the explanation that there was no money left. We got an entire 5 minutes notice.
So is Gretchen back to work?
10-Q said she would be coming back on 9/15.
Impac has committed many crimes, but no one is coming forward. Gretchen and the rest of the crew lied about the accounting and have violated the sox laws. Why arent the Feds investigating them. Joe should sell his plane, and his home in Costa Rica. He needs to come clean.
I was one of the Pinnacle people laid off. I was with Pinnacle for 5 years and did not last 5 weeks with Impac. I guess I was “lucky” I got a tiny severance but no notice. None. We had been told we were the reason Impac was buying the company, we were told we had nothing to worry about. I guess the people that told us that are gone now too.
Thanks Jeff, thanks Sean.
No, Sean and Jeff are still there, though Sean might be gone by now…
I left and good thing too, because they did a bunch of lay offs the day after.
That place became the most unpleasant place to work; no business, workers scratching their heads and nothing but fear and speculation.
I would’ve rather had a 60 day notice than come to work just to get laid off and a one week severence. At least with a notice, I could’ve had some warning. The execution style layoffs really sucked. I loved working there and it is a shame the industry has come to this. I wasn’t there long enough to know the lies and fraud, etc so I can’t speculate but it is a shame that so many people who worked there are having to go through financial hardship like we are.