WMC Going Under

[DaisyDuke]

Trust has nothing to do with any of this, especially with anymous people on the internet — Heck, you could be Richard Nixon incarnate. The best part is the market has it’s own momentum and we all will get to see who is right/wrong . . . or a combination of the two.

[LostCat]

Dontpanic, you have no clue.. But right now they are still in business. What they heck do you know about WMC anyway? Unless you are an executive, you know nothing.

[Anonymous]

Don’t Panic!

I don’t have a clue? I don’t need to have a clue to know that what your source is telling you is ridiculous! It doesn’t even make sense. If you are even in the industry, you know that GE is the parent of WMC. Do you really think that GE would be behind a scheme as stupid as you described? You really need to question your source. What he/she is telling you is a complete fabrication! It’s actually pretty sad. It even got a laugh out of the New Century reps!

[Anonymous]

DaisyDuke, you are absolutely right! It’s all a matter of time. For the record, “I am not a crook!”

I wonder if LostCat and his source will get it?

[Bugs]

“Do you really think that GE would be behind a scheme as stupid as you described?”

Ummm, yes I do. Look at HSBC – all they do is banking and they made that mistake.

[Anonymous]

Bugs, you missed the point! Reading is fundamental, so go back, read the postings and try again.

HSBC? Whatever…

[Anonymous]

WMC is not going under and I know this for sure. Count on substantial layoffs very soon but their doors will remain open. Don’t buy into the hype. GE is committed to WMC’s future success and will tighten its belt so to speak to cut losses. “Chris” is way off on this one.

[Anonymous]

Couldn’t agree more. I have to laugh at this ridiculous claim. Tell “Chris” to do his homework next time or get some better contacts.

[Anonymous]

I’ll tell you what, according to your breaking news, WMC is going to shut their doors by end of business on Friday right? Ok. Here is what is really going on. WMC is going to have layoffs on Thursday or Friday probably Thursday), this I know for sure but they will remain open. No I am not an executive with WMC but I am somebody who knows what is going on with the company. You obviously are someone who is passing along bogus information from a bad source. Do your homework next time and quit talking nonsense. Come Friday, you are going to look like an idiot.

[Anonymous]

Giving a stated income loan to a McDonald’s worker who says he makes $10,000 a month is a wonderful business model, right?

[LostCat]

Chris is still employeed and working away. Things are slow and there is still some concern. Yes, WMC is owned By GE. GE bought WMC about a year ago at the top of the market. The old owner and CEO left the company right after the purchase.

There is a lot going on here and no one is for sure, even employees, about what is going to happen. All Chirs sees is no money coming in and a lot of foreclosures and loan buy backs.

[LostCat]

Yep, it happend. Lot’s of layoffs today. Executives meeting right now about how to move fwd. No more 100% financing, even on full docs.

[Anonymous]

The whole subprime industry was built on 100% to people who can’t prove their income. Getting rid of these products essentially gets rid of the business.

[no_such_reality]

I’m sure the pink slipped employee give a rat’s behind if they are technically closed and out of business.

That being said, rightsizing the staff and trimming 10-20% is one thing, slagging more says something else.

[LostCat]

No_Such_Reality, I don’t understand your grammar? What are you trying to say. I am not trying to sound like a punk, I just don’t understand what you are saying!

[Author]

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