DISQUS

Tired Of The Crap · 1 year ago

Ken Thompson does suck as a CEO. I work for Wachovia, Golden West would have been better off without Wachovia. Geez, let me see, scandal targeting the elderly, money laundering investigation, and the fact that the percentage of World Savings Loans that are in default is 1.7%. Wachovia should be thankful for the merger, we actual make them money.

Tired Of The Crap · 1 year ago

Oh, I forgot to mention the fact that Golden West wasn't involved in subprime loans, that was all Wachovia's doing.

morganb · 1 year ago

TOTC - I heard that since Wachovia took over they totally bastardized
the option ARM that GW was known for, blew-out the underwriting
guidelines and basically went nuts writing those things. Apparently
the World Opt ARM customer and profile is completely different from
the Opt ARM profiles of people that got the loan at Wachovia.

Tired Of The Crap · 1 year ago

Read this article, and understand why alot of Golden West people are so pissed right now.

http://sacramento.bizjournals.com/sacramento/st...

Ken Needs To Get A Clue · 1 year ago

Being conservative and understanding your business is not part of Wachovia's way, time to pull their head out of their arse, grow your business responsibly, have an understanding of what your buying, and realize that there are organizations that do business better than you do!

Wake Up America · 1 year ago

Morganb, please spread the word, another good company is being ruined by short term thinking. Look at the link provided by tired of the crap, I guess it's easier to admit that he bought a mortgage company at the wrong time because most people would accept that vs. him not running his company the way he should, if you read the article, $144 million, telemarketing scam, they had to fork out the dough for that, and another $800 million for SILO deals, back taxes because of their creative accounting practices. And they were indeed involved in sub-prime mortgages. And a money laundering investigation, how does America not pay attention. Sell your stock immediately, they do indeed suck, run by an idiot, no accountability, good people lose their jobs because of him.

Did not drink the kool aid · 1 year ago

To tired of the crap....you have really drank the cool aide.In fact you should call yourself "full of crap". Most of the losses today by Wachovia are in California. Wachovia had -0- exposure in California prior to Golden West. If things have not gone well for you in the mortgage company post acquisition look only to your Golden West leadership, since Golden West is running the mortgage co.

Good Luck Corporate America · 1 year ago

Once again Ken Thompson needs to look at his doings, I agree to focus back on his CEO duties is a good thing, to admit he hasn't been doing so is a bad thing, what the hell has he been doing?. DUH! Regulatory affairs, SILO deals, telemarketing scams, and a money laundering investigation, sub-prime loans (Golden West never did them). Time for people to be honest about the whole picture.

Read The Facts · 1 year ago

'Did not drink the kool aid', yes or no, did Wachovia have subprime mortgages in California? You should drink the Koolaid, obviously you are an idiot.

Read The Facts · 1 year ago

read this link, obviously Read The Facts Is Correct, Koolaid boy is liquored up.

http://beta.inman.com/news/2007/11/5/wachovia-r...

soca · 9 months ago

8 months late, but what the hell.

Appraisers were and are asked to appraise homes a present day values. ACCURATE present day values. World Savings staff appraisers were in addition to that directive notoriously conservative with their values. Placing blame on them because the market went down is moronic. The product designers had the responsibility to take into account the varying conditions of the market based on historical examples and experience. From there underwriting guidelines are implemented to protect the bank.

As for Wachovia's poor timing. They were looking for take overs because that is what their bank did. They were never interested in making a home, they were in all senses flipping a bank, and yes it was piss poor timing.