IndyMac Ceases "Forward" Mortgage Lending

SMonk432 at 07:59 2008-07-08 said:

This is a sign of the greed factor. Every major lender/ mortgage lender, bank, is responsible for this mess we are in. Atleast some of the employees of IndyMac hopefully will leave with something.! You could be one of the poor saps at Alliance/ Financial Title, that got the boot, with nada, no vaca pay, no severance , just an hours notice . Hasta la vista baby dont let the door ~ Permalink

kindandgentlejd at 10:12 2008-07-08 said:

On the surface, they tried to be as fair as they could. However, it seems it has a discriminatory impact. Several operations folks get to leave now or very shortly and still get paid for 60 days under the Warn Act. However, many people that are left behind to clean up the mess are required to work the entire 60 days and many of those folks have less than 5 years so when the 60 days is up, they get nothing.

So, can you imagine if you are 40+, have to work to the end because of your knowledge and experience and cannot look for a job???? Yet, the younger less experienced person gets to leave and spend their 60 days checking every job on Monster and Hotjobs and secure a job before the more experienced even hits the streets. Everyone knows that persons over 40 are a protected class because they have a tougher time getting jobs over their younger counter parts. Just an observation... their method of delivering on the WARN Act just seems to have a disparate impact. Permalink