American Home Mortgage cuts more jobs

American Home Mortgage cuts more jobs

There are 150 comments on the Newsday story from Jul 26, 2007, titled American Home Mortgage cuts more jobs. In it, Newsday reports that:

American Home Mortgage Investment Corp., the beleaguered Melville-based mortgage bank, has laid off another 228 employees, leaving the company with 7855 employees nationwide, a spokeswoman said Thursday.

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Unknown

Pleasantville, NY

#1 Jul 26, 2007
They also demand many hours of overtime as well as working on weekends.
520 Melville NY

Medford, NY

#2 Jul 26, 2007
In Melville building 520, everything started around 9:00 am.I never seen this before, one by one, line up for a short speech, short notice, and that was it, you're out. Today I was part of more than 65 lay off.Things are getting worse for whoever is left.
Cheryl R

South Salem, NY

#4 Jul 26, 2007
While other Mortgage companies are shrinking or closing their doors, Vertical Lend, Inc. has not slowed down hiring experienced Mortgage Professionals. The Reverse Mortgage Market is where to be now.
GLOBAL WARMING

Brooklyn, NY

#7 Jul 26, 2007
John wrote:
Ahm was a great company until they got greedy and didn't pay much attention to quality but wanted quantity speed is all they care about.

Today was really a dark day for the employees in the 520 melville office when at around 10AM many were let go without any warning.It sucks but the company has to do what it need to survive but what's fishy about this is the fact that no managers,VP,AVP got the door to think that they are the ones making the big bucks and fucking up ...
hmmmmmmm interesting here we are again, more lay offs, hire people from a company that went under and lookie lookie here more layoffs, I bet my life that these idiots that came from Global still have jobs but if you ask them where their elbow is they point at the 3rd toe on their left foot, yeah ladies and gentlemen these are our AVP's ( who are really men) lets pick names out of a hat....OK your smart your fired, OK your smart your fired your a moron here become a AVP, ahhhhhhhhhhh also your team leads and deal managers love compensating factors THERE ARE MORE THINGS TO A LOAN THEN THAT maybe if you invested more of your time learning what the hell your doing and not smoking so many cigarettes (actually keep doing that cause its working out well for you)business would be better.....can we rid of these global ingrates already..all I have to say is thank god im out of there
anm

Morris Plains, NJ

#8 Jul 26, 2007
GLOBAL WARMING wrote:
<quoted text>also your team leads and deal managers love compensating factors THERE ARE MORE THINGS TO A LOAN THEN THAT
You need all the compensating factors you can get when you're trying to sell off sub prime loans disguised as A paper onto the secondary markets.
Senior and middle management are extremely incompetent and ruthless.
What goes around comes around.
fwiw

United States

#9 Jul 26, 2007
Overall, it is a kinda scary situation.
Homer

Pleasantville, NY

#10 Jul 27, 2007
Question is why would a company hire and fire at the same time? Get rid of your worker bees and keep all the high salary management who do nothing. House of cards...
Just like Global

Pleasantville, NY

#12 Jul 27, 2007
I saw some AHM recruiters down at the homeless shelter, they were looking to hire some more VPs.
Pinkey36

Elizabeth, NJ

#13 Jul 27, 2007
Your are total right. Now it's about that time for these unscrupulous mortgage brokers and loan officers to go after persons over the age of 62 years old. Why not strip most of the equity, they don't have to pay the loan back. The person that inherits the house will be responsible in paying the mortgage back, tacked on with years of unpaid interest. Oh, and don't forget to mention many of these Reverse product have an adjustable rate, which the initial rate is currently over 6% with a cap of 16%. This product could really benefit all of you loan officers.
Anonymous worker bee

Pleasantville, NY

#14 Jul 27, 2007
I am wondering why everyone is bashing AHM now? Layoffs happen all the time, the subprime market crashed and so we got affected. It happens. It sucks but it happens. I have been a "worker bee" for almost five years and have survived many lay offs. I work hard, and do my job, and the treatment has always been fair.
Lots of mortgage companies are going through this, why just because American Home is based in Melville are we being targeted.
Maybe if you were laid off you should look at the quality of your work or attitude, or how long you've worked here. Don't play the race card or "I'm not a VP" If you were a top notch employee that made a point of being needed, then you would be here.. wouldn't you?
I just think everyone is taking this way too far for no reason.
klo

Pleasantville, NY

#15 Jul 27, 2007
Anonymous worker bee wrote:
I am wondering why everyone is bashing AHM now? Layoffs happen all the time, the subprime market crashed and so we got affected. It happens. It sucks but it happens. I have been a "worker bee" for almost five years and have survived many lay offs. I work hard, and do my job, and the treatment has always been fair.
Lots of mortgage companies are going through this, why just because American Home is based in Melville are we being targeted.
Maybe if you were laid off you should look at the quality of your work or attitude, or how long you've worked here. Don't play the race card or "I'm not a VP" If you were a top notch employee that made a point of being needed, then you would be here.. wouldn't you?
I just think everyone is taking this way too far for no reason.
Great post!
Lee

Bronx, NY

#16 Jul 27, 2007
Anonymous worker bee wrote:
I am wondering why everyone is bashing AHM now? Layoffs happen all the time, the subprime market crashed and so we got affected. It happens. It sucks but it happens. I have been a "worker bee" for almost five years and have survived many lay offs. I work hard, and do my job, and the treatment has always been fair.
Lots of mortgage companies are going through this, why just because American Home is based in Melville are we being targeted.
Maybe if you were laid off you should look at the quality of your work or attitude, or how long you've worked here. Don't play the race card or "I'm not a VP" If you were a top notch employee that made a point of being needed, then you would be here.. wouldn't you?
I just think everyone is taking this way too far for no reason.
you are weak and so is AHM
someone who knows Joe

Pleasantville, NY

#17 Jul 27, 2007
Joseph Souffrant wrote:
I hope this company goes down in flames. I cannot stand this company. Upper Management has no idea what they are doing. Employee Relations is a joke, and I won't even begin to talk about the racism. If you're an investor, sell, sell, sell.... Never had a black VP....and less than 5 black managers... and this is a huuuuuuge company.... I won’t mention the name of the person but he asked how they are picking the people to lay off and Martin Genussa from HR could not answer this. It is not by seniority and it is not by work ethics, so what is it? if you're black, you're out? If you’re not on the VPs good side you're out? if you're too smart, you're out...
Andrew Valentine: how about, we'll pick the rest of your names out of a hat...
Don Pace: yes that sounds good; what a smart idea. I guess that's why we are VPs. call Martin to do the dirty work.. hahahaha
This company is a joke and I always new it would go down. They did not appreciate the good people and karma’s a Bit*&....
I was not one of the ones who got let go... I was previously let go because "we're merging your department Joe; with the guy who doesn’t like you department so we're going to give you a package and let you go"
Bastards
Joe, you must be sniffing glue. Weren't you made the manager of your department (without any prior experience) and given every opportunity to prove you were management material? Weren't you also reprimanded for improper behavior with female employees in and outside your group? Weren't you also reprimanded for conducting your own personal business (music and photography) on company time. After all this Joe, were you and are you still surprised that when the management of your group was changed that new management wanted nothing to do with you or your nonsense? At least you remember that AHM gave you a termination package rather than just letting you go for cause which they had every right to do on numerous occassions. Lay off the Kool Aid Joe and start owning up to your mistakes.
Anonymous worker bee

Pleasantville, NY

#18 Jul 27, 2007
Lee wrote:
<quoted text>
you are weak and so is AHM
It's not weak to defend a company that has had so many benefits over the years. I was working here when there were only a couple hundred people in the 520 building, and look how many are employed now, look how many jobs were provided. If you think any business, whether AHM or Waldbaum's, wouldn't do the same thing in a time of a declining market. Maybe you people should keep up with the market so you know why these things happen and don't take it as a personal thing. How about the mortgage companies that had to completely close down and let ALL employees go??? I guess no one cares that we are still here, and only had to make a minor cut as compared to many others.
iheartAHM

Pleasantville, NY

#19 Jul 27, 2007
Lee wrote:
<quoted text>
you are weak and so is AHM
weak? yeah ok - you're the one who's weak Lee - after all you're the one who's no longer with AHM (jealous much?)- it's about time we got rid of the dead wood/those who were just taking up space for sooooo long without doing any type of work while they wandered around their departments allllllll day long talking about what they wanted for breakfast or lunch & going out for a million cigarettes a day - what kind of employees are those? i say good riddens & good luck finding a job that'll allow you to get away with all the things you were able to while you were here!
iheartAHM

Pleasantville, NY

#20 Jul 27, 2007
someone who knows Joe wrote:
<quoted text> Joe, you must be sniffing glue. Weren't you made the manager of your department (without any prior experience) and given every opportunity to prove you were management material? Weren't you also reprimanded for improper behavior with female employees in and outside your group? Weren't you also reprimanded for conducting your own personal business (music and photography) on company time. After all this Joe, were you and are you still surprised that when the management of your group was changed that new management wanted nothing to do with you or your nonsense? At least you remember that AHM gave you a termination package rather than just letting you go for cause which they had every right to do on numerous occassions. Lay off the Kool Aid Joe and start owning up to your mistakes.
hey i know Joe too & you're so right about everything you said about him - especially the way he behaved or should i say didn't behave around the females - acting like he's hot $hit and all - what an idiot he is - anyway thank you for that post - im glad someone got it right!!
former IT Employee

Melville, NY

#21 Jul 27, 2007
John wrote:
Ahm was a great company until they got greedy and didn't pay much attention to quality but wanted quantity speed is all they care about.
Today was really a dark day for the employees in the 520 melville office when at around 10AM many were let go without any warning.It sucks but the company has to do what it need to survive but what's fishy about this is the fact that no managers,VP,AVP got the door to think that they are the ones making the big bucks and fucking up ...
John you are so right, get back into the IT and do not ever go back to AHM, lets hope MR. big get's the pink slip soon.
StOP

AOL

#27 Jul 27, 2007
Ok now that you have all vented and aired your dirty laundry, and name calling where have it gotten you? To the folks that got laid off and are blogging just bear in mind that AHM can Denied your rights to received unemployment for blacklisting the companies name and derogatory remarks. To the person who has made himself known to all, this industry is very small and everybody knows somebody you have now blacklisted yourself in the Mortgage industry you never know who's path from AHM you may cross someday.
Enough of the venting this is not getting any of you anywhere but showing the public and fellow employees that you were disgruntle employees who is just trying to get back at Management.
Move on the Mortgage Industry on thw whole is going through a crisis and it sad that good and disgrutle employees may lose there jobs anyway.
Joe

New York, NY

#28 Jul 27, 2007
StOP wrote:
Ok now that you have all vented and aired your dirty laundry, and name calling where have it gotten you? To the folks that got laid off and are blogging just bear in mind that AHM can Denied your rights to received unemployment for blacklisting the companies name and derogatory remarks. To the person who has made himself known to all, this industry is very small and everybody knows somebody you have now blacklisted yourself in the Mortgage industry you never know who's path from AHM you may cross someday.
Enough of the venting this is not getting any of you anywhere but showing the public and fellow employees that you were disgruntle employees who is just trying to get back at Management.
Move on the Mortgage Industry on thw whole is going through a crisis and it sad that good and disgrutle employees may lose there jobs anyway.
Yes, I would call it venting, and yes I did put my full name because I never got a chance to express how I really felt. I could have ignored this entire situation but when you're treated the way I was treated, it calls for a little venting. That was probably my boss with those remarks about me so as long as I know someone of upper management in the company knows how I feel (and felt) then I am satisfied. I guess some of you would have to be in my shoes to understand. That will never happen so I dont expect you to understand but at least try to look at things from my perspective. Again, I wasnt part of the recent lay offs and I have since moved on and openned up a few of my own businesses not to mention I work for a huge company which is doing really good. So, scared of being black listed, scared of running into someone from AHM, or being a disgruntle employee is all things I'm NOT.
This is my last post. It has been fun but I think my job is done. Have a good weekend everyone.
JLM

AOL

#29 Jul 27, 2007
American home was a good company.
The main problem is how companies like these have H.R. and the hiring department ok Managers, A.V.P's, and V.P's to hire there friends and family who don't know a thing about the business. If the corporation looked into their referral list they can see exactly where the mistake is being made. Target the real problem and restructure your whole company. Laying off hundreds of employee's isn't going to fix the fact that you hired the wrong personnel due to a referral system that picks the wrong type of worker because of some pull a hire up has.
Favoritism is another factor. All the hire up's pull their friends and family in and within month's they are in a position that a worker who has worked 3 or more years should've gotten.
Expect AHM to lay off more employees to fix their mess up.
The owner should step up and have a look at his company and see how what was described above has done to the company over the years not let his “A.V.P’s” or anyone else look into the problem for him. Go to the source and make an surprise appearance at your corporate headquarters.

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