Washington Mutual lays off 2,500 workers

The reason WAMU had to lay off had to do with inefficient managers at Chatsworth. Managers unfamilar with the jobs and unwilling to learn the position. Taking long lunches ignoring consumers or misplacing the loan paperwork. They created mistrust among employees and acted like 5 year olds favoring one employee over another. I was an outsider looking in, I saw the top performers harrassed by management, instead of praising them. the only good thing about this layoff is the management is being layed off too. I pity the company that hires them

In the aftermath of the biggest natural disaster in US history, Washington Mutual is oblivious. We have a 30 year fixed home loan and live in the New Orleans area of Louisiana. Before hurricaine Katrina, our credit rating was spotless. We evacuated, and could not return home for a month. Thankfully, we have a home to return to (no flooding and no major damage). After being verbally encouraged to defer monthly payments for up to 6 months, we resumed payments after three, expecting that the missed payments would be tacked onto the end of our loan. But no...After resuming payments (Dec 05,and Jan, & Feb 06), we received notice on December 19th (right before Christmas), to pay up, or else we would be in default, and have been turned over to the Loss Mitigation dept. There are many mortgage companies out there doing the right thing, trying to help the hundreds of thousands of home owners in the same situation by deferring the missed payments to the end of the loan. but not Washington Mutual. We feel deceived and shafted.

WAMU is a mortgage lender of the past. Their centralized processing system was the killer. You can't service the client when your processor is a voicemail in tim-buck- tu. They grew too fast, hired average people, and forgot to train them. They were a great organization when they were a small Washington state, make sense opertation. They could have owned the national market if they would have listened to their sales force. The top people figured it out back in 1994 and went to Countrywide. Killinger's mortgage brass could learn from Angelo! Get the WAMU loan hacks back to selling free checking and leave mortgages to the experts!

I'm looking for any disenchanted WAMU employees (either terminated or about to be layed off) to take part in a film exposing the unethical practices of mortgage lenders and the impact that these practices have on mortgage holders going through bankruptcy or difficult financial times.

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Have the Washington Mutual laid-off employees been given professional job seeking assistacne/consulting? If you know the consulting firm, please post the company name and location (city). Thanks.

Joan Curley wrote:

The reason WAMU had to lay off had to do with inefficient managers at Chatsworth. Managers unfamilar with the jobs and unwilling to learn the position. Taking long lunches ignoring consumers or misplacing the loan paperwork. They created mistrust among employees and acted like 5 year olds favoring one employee over another. I was an outsider looking in, I saw the top performers harrassed by management, instead of praising them. the only good thing about this layoff is the management is being layed off too. I pity the company that hires them

Has WaMu outsourced professional / consulting job seeking assistance to those who were laid-off? Please reply.

Has WAMu provided professional consulting job seeking assistance to those who were laid-off? Please reply with company and location (city).

Rebecca Alves wrote:

In the aftermath of the biggest natural disaster in US history, Washington Mutual is oblivious. We have a 30 year fixed home loan and live in the New Orleans area of Louisiana. Before hurricaine Katrina, our credit rating was spotless. We evacuated, and could not return home for a month. Thankfully, we have a home to return to (no flooding and no major damage). After being verbally encouraged to defer monthly payments for up to 6 months, we resumed payments after three, expecting that the missed payments would be tacked onto the end of our loan. But no...After resuming payments (Dec 05,and Jan, & Feb 06), we received notice on December 19th (right before Christmas), to pay up, or else we would be in default, and have been turned over to the Loss Mitigation dept. There are many mortgage companies out there doing the right thing, trying to help the hundreds of thousands of home owners in the same situation by deferring the missed payments to the end of the loan. but not Washington Mutual. We feel deceived and shafted.

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The bank I was working for was acquired by WAMU and it was hell. Answering to five different managers, major league busted my ass for these bozos for NOTHING. Worst management i have ever seen (flaming homos! seriously) Run very fast away from anything to do with this bank. If citi is stupid enough to buy them, stay away from citi. This bank is evil.

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WAMU is insane to work for. Heartless. They make loan processing rocket science. They just chew employees up and spit them out. They make everything difficult for the customers. They are out sourcing 7500 American jobs now overseas. They have married couples working together as managers. They fire people with no honest explainations. They SUCK ASS!

Never Again wrote:

WAMU is insane to work for. Heartless. They make loan processing rocket science. They just chew employees up and spit them out. They make everything difficult for the customers. They are out sourcing 7500 American jobs now overseas. They have married couples working together as managers. They fire people with no honest explainations. They SUCK ASS!

I agree!- top management has no idea what they are doing. We are working on systems that were outdated in 1986. I expect more layoffs in the near future. I'm sick of calling 10 countries away to get assistance from a technical person located in my building.

My firm can assist with any individuals seeking employment that were layed of by WAMU. Please contact Roys & Assoc. at www.roysandassoc.com

Joan Curley wrote:

The reason WAMU had to lay off had to do with inefficient managers at Chatsworth. Managers unfamilar with the jobs and unwilling to learn the position. Taking long lunches ignoring consumers or misplacing the loan paperwork. They created mistrust among employees and acted like 5 year olds favoring one employee over another. I was an outsider looking in, I saw the top performers harrassed by management, instead of praising them. the only good thing about this layoff is the management is being layed off too. I pity the company that hires them

For those that were in the Washington State Call Center they provided services from Lee Hecht Harrison (2 months after the layoff annoucement), but i felt it was a little too late, by the time they provided us said services most of us had found other work or were well on our way already to having new jobs. As the days grew short to the initially annouced closure date they kept trying to bribe us with incentives (Ipods, and other electronics) and snacks while on the job. Now my old job and all the banking information they have is in the Phillipines, as they opened 3 call centers there. My experience with the individuals working in that center (as they had to call us for assistance occassionally) they are inept, and dont understand basic US banking concepts, and instead of truely being empathatic to the customer they just repeat scripted statements that anger the customer more and more.
OK, well thats my 2 cents.

JWatkins wrote:

Have the Washington Mutual laid-off employees been given professional job seeking assistacne/consulting? If you know the consulting firm, please post the company name and location (city). Thanks.
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I am nearing foreclosure (2 payments behind). I have had a financial crunch for the last year due to having to pay unexpected child support, thus decreasing my income. Instead of agreeing to refinance in the beginning of this mess, "there won't be a refinance", I did a repayment plan that left little left each month (the repayment plan had a different due date than the regular loan payment so was counted late each month). Near the end of the plan.....messed up my checking account thus back behind again. As I said little left over, involved in "Loss Mitigation Program" now. The other alternative offered is a payment plan of over $500. more each month than my monthly payment. I think I am pretty much screwed. There are abandoned houses on my street, houses up for sale. One would think with WAMU's massive lay-off's and stock loss that they would try to work with us instead of taking a major loss on this property. I have delt with a few nice WAMU people without any authority to do anything but, "inform you that we are a debt collector" and ask the same questions over and over again. I have delt with WAMU people who love the word "foreclosure" and take great pleasure in just the implication of the word. I have yet to deal with one person who can actually help.

JWatkins wrote:

Has WAMu provided professional consulting job seeking assistance to those who were laid-off? Please reply with company and location (city).
<quoted text>

Did you ever find out the answer to this? Thanks

Nobody has any good virtues in the mortgage business. I hope the laid off workers loose the house they live in and all the savings, they f@cked people out off. Imagine being qualified for a conventional loan and they tell you something else. Total pigs! Suffer, it will be fun to wath.

I am just laughing my ass off because of how stupid most of the "posters" look. A bank is a bank, they aren't there to make friends, it's a business to make money. Every bank is outsourcing, every bank is laying off. To put it simply, you can't expect companies not to make strategic changes that will help the bottom line. Everyone is replaceable. Usually the people whining are either the worst employees who where of no value to the company or customers who came in on hard times and EXPECT the bank to "help them out." You are given proper disclosures to sign and the bank is legally allowed not to agree to your request.
Best.