tag:blogger.com,1999:blog-33255068.post2170011790548340889..comments2023-11-02T05:18:21.296-07:00Comments on Bakersfield Bubble: Ivanhoe MortgageBakersfield Bubblehttp://www.blogger.com/profile/12663275045022347451noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-33255068.post-17403955254150180732007-03-04T20:19:00.000-08:002007-03-04T20:19:00.000-08:00As a former branch manager of Central Pacific I ca...As a former branch manager of Central Pacific I can not believe what has happened. My wife and I manage a branch that had around $60,000 in retained earnings. That was my money and now its gone. We have both lost our jobs and our nest egg. The company should have seen it coming,(I bet they did) and shut down and let us go on our way with our money. Some branches lost alot more than ours. I think its criminal but who knows what if anything they will payAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-33255068.post-36014857034027576012007-03-01T13:01:00.000-08:002007-03-01T13:01:00.000-08:00Don-Thanks for the comments, I wish you the best. ...Don-<BR/><BR/>Thanks for the comments, I wish you the best. <BR/><BR/>I am forwarding your comments to some reporters, they might ignore them, but at least it will be out there!Bakersfield Bubblehttps://www.blogger.com/profile/12663275045022347451noreply@blogger.comtag:blogger.com,1999:blog-33255068.post-91146737791527238312007-03-01T11:42:00.000-08:002007-03-01T11:42:00.000-08:00I was an employee of CPM/Ivanhoe Mortgage. I haven...I was an employee of CPM/Ivanhoe Mortgage. I haven't seen anywhere yet where it has been disclosed that the sorry leaders of this company have stolen the funds from the 100 branches the operated under it. Funds were to be held in seperate accounts to be used for branch payrolls and expenses. It was our money. They also took the money that was to pay for our insurance policies and has now allowed the policies to lapse., with no COBRA offered. In there last "MEMO" Courson states that they have keeping us informed all along about money troubles, but doesn't say that he has been saying how well the transition was going and that it would be a seamless transition. This executive group has mislead, literally robbed it's employees, including the last payroll. They promised employees at the Orlando Ivanhoe Division severance packages but of course lied about that. I have never seen such a bunch of cowards in the business world as John Courson, John Cassell, Ed Fuchs, Paul Reich etc... Now they hide. If you happen to become an employee of any of these people in the future, BEWARE. They will steal from you and smile about it. Hopefully the law will catch up with them on this fiasco. Anyoe looking for anymore info on this situation can email me at don@greatchesapeake.comAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-33255068.post-41874415479702516202007-02-26T19:44:00.000-08:002007-02-26T19:44:00.000-08:00Really Im happy to see every sub-prime lender go d...Really Im happy to see every sub-prime lender go down the tubes .Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-33255068.post-90720562760161135462007-02-26T18:41:00.000-08:002007-02-26T18:41:00.000-08:00"the Company is unable to fund the end of month pa..."the Company is unable to fund the end of month payroll"<BR/><BR/>Thats nice to know for the employees!!?!?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-33255068.post-2554979973224019642007-02-26T18:31:00.000-08:002007-02-26T18:31:00.000-08:00Central Pacific Mortgage Acquires Ivanhoe ...Central Pacific Mortgage Acquires Ivanhoe <BR/> <BR/><BR/><BR/> Increases Business, Expands Presence on East Coast<BR/><BR/> FOLSOM, Calif., March 1 /PRNewswire/ -- Central Pacific Mortgage (CPM), a<BR/>national mortgage banking firm, announces it is acquiring retail branch<BR/>offices, the wholesale production platform and the current operations center<BR/>from Ivanhoe Financial, Inc. based in Orlando. The company will operate as<BR/>Ivanhoe Mortgage, effective March 1, and maintain the current offices in<BR/>Orlando.<BR/> "In the past, Central Pacific Mortgage's primary focus has been on the<BR/>West Coast. Ivanhoe has a great footprint on the East Coast and will allow us<BR/>to increase our presence there," says John Courson, President and CEO of<BR/>Central Pacific Mortgage. "To that end, we have decided to keep the Ivanhoe<BR/>name because it is well known and highly respected in that part of the<BR/>country."<BR/> The acquisition of Ivanhoe's mortgage production operations will<BR/>substantially increase Central Pacific Mortgage's presence in the East and<BR/>Southeast. Ivanhoe currently has 19 retail branch offices and the wholesale<BR/>production platform has Account Executives operating in Florida, Georgia,<BR/>North Carolina, South Carolina, Virginia, Maryland, District of Columbia, New<BR/>Jersey and Pennsylvania. It will also increase Central Pacific Mortgage's<BR/>current business by 50 percent. CPM's growth strategy includes expanding<BR/>Ivanhoe's current production network by aggressively selecting and opening new<BR/>retail offices in the eastern U.S. and growing its wholesale business by<BR/>adding account executives.<BR/> CPM will introduce to the Ivanhoe production network several mortgage loan<BR/>product offerings including Alt-A, subprime and reverse mortgages, that will<BR/>allow it to boost its originations. In addition, all of Ivanhoe's retail<BR/>branch offices and mortgage brokers will have access to CPM's proprietary<BR/>technology that includes pricing and product software. They will obtain<BR/>admission to its production portal, My CPM that features rates, products,<BR/>pertinent forms and other key information.<BR/> "I'm excited to make this announcement as it's a perfect fit for Central<BR/>Pacific Mortgage. The retail and wholesale divisions' operations and<BR/>philosophies are almost identical to our organization. It's like a hand<BR/>fitting into a glove," states Courson.<BR/> "We're proud to be joining Central Pacific Mortgage, a like-minded<BR/>organization and I am confident that our customers will continue to enjoy<BR/>great service and robust products," says Paul Reich, President and CEO of<BR/>Ivanhoe Financial, Inc.<BR/> Ivanhoe was represented in the transaction by the Stratmor Group. Terms<BR/>were not disclosed.<BR/><BR/> About Central Pacific Mortgage<BR/> Since 1977, Central Pacific Mortgage has been helping brokers, small<BR/>mortgage bankers, retail branch managers and experienced loan officers excel<BR/>at generating new business.<BR/> Headquartered in Folsom, Calif., Central Pacific Mortgage originates,<BR/>closes, funds and sells residential mortgage loans.<BR/> Approved by Fannie Mae, Freddie Mac, FHA, VA and numerous private<BR/>conduits, Central Pacific Mortgage funds loans with its own line of credit and<BR/>sells loans in the secondary market. It funds FHA, VA, conforming and jumbo<BR/>conventional loans. In addition, Central Pacific Mortgage funds expanded<BR/>criteria products as well as bond program loans and specialized programs for<BR/>first-time homebuyers.<BR/> For additional information on CPM call 877-353-1616 or log-on to<BR/>http://www.centralpacificmortgage.com .Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-33255068.post-62851762638241896012007-02-26T16:29:00.000-08:002007-02-26T16:29:00.000-08:00Hey Crispy, can I interview you about your blog? e...Hey Crispy, can I interview you about your blog? email me if interested... great stuff going on here.<BR/><BR/><A HREF="http://www.noveltown.net/blog" REL="nofollow">www.noveltown.net/blog</A><BR/><BR/>nl@nlbelardes.comNick Belardeshttps://www.blogger.com/profile/16445719353246891145noreply@blogger.comtag:blogger.com,1999:blog-33255068.post-9953487081766022502007-02-26T15:55:00.001-08:002007-02-26T15:55:00.001-08:00$2 bllion is not a tiny one to me.$2 bllion is not a tiny one to me.Bakersfield Bubblehttps://www.blogger.com/profile/12663275045022347451noreply@blogger.comtag:blogger.com,1999:blog-33255068.post-73642782832078564732007-02-26T15:54:00.001-08:002007-02-26T15:54:00.001-08:00"It sounds like "well funded" may have been a bit ..."It sounds like "well funded" may have been a bit of an overstatement" - LMAO!<BR/><BR/><BR/>What about the other comment - "mortgage professionals whose ability, experience, intelligence and character are unequaled in the industry." - Unequaled? They seem to be meeting the same fate as their other mtg companies.Bakersfield Bubblehttps://www.blogger.com/profile/12663275045022347451noreply@blogger.comtag:blogger.com,1999:blog-33255068.post-79067740924060064422007-02-26T15:08:00.000-08:002007-02-26T15:08:00.000-08:00Above should have read "well capitalized."Above should have read "well capitalized."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-33255068.post-51897973381119449842007-02-26T15:07:00.000-08:002007-02-26T15:07:00.000-08:00Here's how they describe themselves on their websi...Here's how they describe themselves on their website:<BR/><BR/><EM>Ivanhoe Mortgage. is a <B>well-capitalized</B>, full service mortgage banking firm specializing in the origination, purchase, sale, and servicing of residential mortgage loans. The company is headquartered in Orlando, Florida, with retail branch offices throughout the Eastern United States.<BR/><BR/>Ivanhoe is a significant player in the mortgage banking industry with mortgage loan production in excess of $2 Billion annually. The Company employs over 300 mortgage professionals whose ability, experience, intelligence and character are unequaled in the industry.</EM><BR/><BR/>http://www.ivanhoemortgage.com/aboutus_background.htm<BR/><BR/>It sounds like "well funded" may have been a bit of an overstatementAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-33255068.post-28895288110359833032007-02-26T14:15:00.000-08:002007-02-26T14:15:00.000-08:00Looks like a tiny one? Those guys pop every day, u...Looks like a tiny one? Those guys pop every day, usually unnoticed.Anonymousnoreply@blogger.com