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B of A starts Whacking Top Countrywide Mortgage Executives....

By Larry Bettag

Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

September 23, 2008 03:11 PM

The National Mortgage News reported today the following:

Bank of America late Monday fired Drew Gissinger, a top production executive at Countrywide Home Loans who was in charge of retail, wholesale, and correspondent lending, according to company officials. Also let go were: Brian Hale, president of retail; Charlie Rogers, managing director of Countrywide's nationwide retail network; and Tom Hunt, managing director of the western U.S. retail branch network. Mr. Gissinger once carried the title of president and chief operating officer of Countrywide Home Loans. Meanwhile, BoA named Craig Buffie the top executive in charge of sales and fulfillment, overseeing 14,000 employees in the mortgage group. BoA bought Countrywide on July 1.

According to a lot of mortgage insiders, when the top drops so do the supports underneath it. I have met Brian Hale. He's an interesting man to say the least. To see him depart means big changes are underway at B of A Countrywide. Let's see where the dust settles.

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Sharon Young

Ivy League Mortgage Philadelphia, Pa - Southampton, PA

Whoa ... (sigh) It's going to be very frustrating interesting dust!

Sep 23, 2008 03:19 PM

Jose Delgado

Opes Advisors, INC. - Eugene, OR

Thanks for sharing LArry!

Jose,

Sep 23, 2008 03:20 PM

Esko Kiuru

Bethesda, MD

Larry,

Many industry observers actually expected this to happen sooner, is what the media is saying. Righting the ship of CW is a major task and to get it done right requires fresh talent.

Sep 23, 2008 03:29 PM

Anonymous

rich

it couldn't happen to a nice bunch of fellows! what goes around comes around.

Sep 23, 2008 11:14 PM

Ken Tracy

Coldwell Banker Residential - Naperville, IL

Helping clients buy and sell since 2005

Hi Larry. There are going to be many changes. Apparently we were in LOTS of trouble last week. The bailout was an act of necessary desperation. Scary.

Thanks for writing,

Ken

Sep 24, 2008 01:44 AM

Paul McFadden

Responsive Pest Control - Seattle, WA

Pest Control, Seattle, WA.

Larry: I'm not surprised. The cultures seemed so different to me and Countrywide as we know it ceases to exist. Look for a name change to BofA in the near future.

Paul

Sep 24, 2008 02:24 AM

James Wexler

wexzilla.com - Scottsdale, AZ

wonder what they were waiting for?? in sports, if someone performs the same way as the Countrywide team, they get fired (or benched) right away

Sep 24, 2008 02:50 AM

Elizabeth Nieves

The Elizabeth Nieves Realty Group - Durham, NC

Bilingual Raleigh - Durham North Carolina Real Estate Team

I believe this is just the beginning, Larry. What do you think? Regardless of what happens...we KNOW WHO is in control. GBU!

Sep 24, 2008 07:45 AM

Larry Bettag

Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL

Vice-President of National Production

Sharon...it sure is.

Jose...sure.

Esko....long overdue...that's for sure.

Rich...wow...direct and to the point.

Ken..well said.

Paul...they can't do it soon enough.

James....they're benched

Elizabeth...great point sista!!!

Sep 24, 2008 08:50 AM

B of A starts Whacking Top Countrywide Mortgage Executives....

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