Amazingly this wouldn't has little to do with Countrywide except for the strange irony involved.
For the last couple of months I've heard various grumblings about one of the largest mortgage brokers in California, Diablo Funding. I kept quiet as I didn't want to spread unsubstantiated rumors. I have always admired the Diablo Funding concept. They were a top notch outfit. Some of the smartest real estate minds I know worked for Diablo Funding.
Last Friday, I posted that it was now official. In "That's No Moon..." I broke the news that Diablo Funding was shutting their doors as of yesterday, October 23rd, 2007. I was also a week behind in sending out my newsletter to real estate agents in the area. At the last minute I changed the first article to include my Diablo Funding story. The e-Newsletter went out at 4:45 PM. Minutes later I received a frantic phone call. It was from a Diablo Funding employee.
"Are you Mike Mueller?" she asked.
"Yes I am"
"I'm here to tell you... You have it all wrong! We're not closing! You better print a retraction!"
"You are not closing? That's great. Good for you!" And I meant it. I know quite a few great people who I did not want to see lose their jobs.
"We're stronger than ever! You better print a Retraction! I'm going to forward this on to Anthony! " (this time with even more emphasis)
"Ok, that's fine. By the way, who's Anthony?" I asked.
"He's the CEO. You better print a Retraction!"
She then went to my blog and attempted to post a comment anonymously. I don't allow anonymous comments as a rule. I also track everything. I know which Agent forwarded the email. Although this was anonymous, I also know who it was (via their IP address).
So Here's My Retraction...
I'm NOT Retracting.
I was correct. I was 100% correct. I was also a full four days earlier in posting than these other guys. I could have been correct weeks earlier.
I still wish everyone involved with Diablo Funding the very best. I really mean that.
I talked to a Broker friend of mine later that Friday night. He had already interviewed and hired a sizable amount of ex Diablo Funding loan officers.
I wrote this earlier and it bears repeating. Loyalty is an admirable trait rarely found in employees. I admire and applaud her loyalty. Blind faith is not. Try not to confuse the two.
, Diablo Funding Closed
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Yes, we knew last week too, but there were still those within Diablo saying we were wrong.
I was afraid to blog about it until today. Even the rep at I. M. refused to admit that Diablo had "handed them the keys"
Mike,
They kept everyone Blind, until the last Minute.
Tom Weiss
Janet - The transfer to IndyMac is up in the air as far as I know. Is Indymac just allowing their LO to operate under their umbrella or is IM also absorbing the company as a whole? Nobody knows yet. When you buy a company you buy the Assets and the Liabilities. Implode-o-meter says they might have to declare BK first, that might clear the slate of liabilities - maybe. We shall see.
Tom - I just read that you are working on a IndyMac Broker Approval. I've always liked them. If you need any help with their interface I am well familiar with it.
Lisa - It's all part of doing business. It's also cruel. I read that Angello Mozillo has now sold all the countrywide stock he was trying to sell. How would that make you feel if your boss dumped all his stock in your company? Besides, this way they'll have fewer soon to be ex-employees stealing everything they can. Loss Prevention. I know first hand. I was one of them once. Scary Thoughts!
Be safe out there!