Discussion on Sunshine & Madison Mortgage Corp

Schumpeter Reincarnate Joined: 24 May 2008 Posts: 46269

http://ml-implode.com/imploded.....01-08.html

Posted: Thu Jan 08, 2009 8:33 pm

This company has been in business for decades because of solid service and conservative management. They have valuable retail branches with real goodwill. The enviroment of attorneys and GSEs and lenders playing monday morning quarterback has caused Mr. Terry to say "you can have all the headaches I'm headed to the farm"!

Posted: Thu Jan 08, 2009 10:37 pm

autopost wrote:

http://ml-implode.com/imploded/lender_Sunshine&MadisonMortgageCorp_2009-01-08.html

This is how Sunshine Mortgage always did things. I can remember when Ga Brokers were faced with the new Georgia Fair Lending Act (GAFLA) back around 2002 or 2003, Ted Terry decided there was going to be some kinda problems because of the new law and he was afraid of some "Boogy Man" that might get him and he stopped all loans that were in the middle of closing and/or funding and said they had to be re-underwritten, creating quite a mess for the brokers that supported this company, without any kind of warning or notice whatsoever. Looks like this pattern of behavior has repeated itself because of this psyco behavior. This was a good company at one time. Now it's just another number in Lender Implode.

Posted: Thu Jan 08, 2009 10:50 pm

I think you hit the nail on the head I did not know about the 2002 incident

Dyn-o-mite! Joined: 09 Jan 2008 Posts: 389

The goal of banks, with help from congress/pres/house of rep is to continue to wear down the broker shops until they are all but gone....so far at 313 they are doing a pretty good job! Don't see the banks going out of business or shutting down..they may be bought out by another or getting TARP funds from the goverment. But they are surviving.

Dud? Joined: 10 Jan 2009 Posts: 3

Wednesday night I got the call. I couldn't breath, really just couldn't breath. I sat up through out the night watching my children sleep.

I have been with this company for 7 years. A company that I thought had integrity. It turns out that even the people you could trust the most, could be liars.

Fred Powell, Steve Copeland...are names in the press right now, I couldn't speak higher of them. They are amazing leaders in this industry and amazing people that didn't turn their backs on the staff that trusted and depended on them.

Now we all try to move forward, still with the lump in our throats trying to come out on top of this huge blow.

I am confident that the wonderful employees of Sunshine Mortgage & Madison Mortgage, will get what is justly deserved by them.

Everyone is in my prayers. I

Dud? Joined: 10 Jan 2009 Posts: 3 Location: Alpharetta, GA

I have head numerous people say that terry should be headed to Jail. It's his company and i guess he can steal from it if he would like but do not screw your employees just for an extra dollar(or for any reason you sob). I heard that Sunshine went down to cover up issues issues at Terry's other companies(his huge huge building losses). I worked for that man for over 15 years and we always knew that you could never trust him. We just thought that as long as the company made money, we would be fine, we had no idea we had to worry about his son and his building business.

I also heard that some of the executives at corporate uncovered tt's scheme and confronted him. A few employees at the corporate office said that they witnessed a very heated conversation with Terry. They said one of the executives had his finger in terry's face and was yelling, "i know what youre doing and i know how much cash we have, you better do the right thing and pay your employees otherwise we will take you down".

Has anyone else heard anything about what is going on?

Dud? Joined: 10 Jan 2009 Posts: 3 Location: Alpharetta, GA

Rumor has it that Fred Powell, Steve Copeland,(i worked for fred and steve for many years and completely agree with you, they are amazing leaders) Brent Harrell and Tim Riley know what is really going on and have given Ted a deadline to do what's right and make payroll.

I dont know if I believe that(i hope it's true) but I did just verify that the latter two are the ones that were overheard yelling at ted at the corporate office wednesday. I never got to meet bh but i do know tr well. I have tremendous respect for both of you.

I am also confident that the employees will get what is justly deserved by them. Ted will also get what is justly deserved by him. With the many many many millions he has, why would he steal from those who worked so hard to put him where he is?

elnoralittle wrote:

Wednesday night I got the call. I couldn't breath, really just couldn't breath. I sat up through out the night watching my children sleep.

I have been with this company for 7 years. A company that I thought had integrity. It turns out that even the people you could trust the most, could be liars.

Fred Powell, Steve Copeland...are names in the press right now, I couldn't speak higher of them. They are amazing leaders in this industry and amazing people that didn't turn their backs on the staff that trusted and depended on them.

Now we all try to move forward, still with the lump in our throats trying to come out on top of this huge blow.

I am confident that the wonderful employees of Sunshine Mortgage & Madison Mortgage, will get what is justly deserved by them.

Everyone is in my prayers. I

Dud? Joined: 10 Jan 2009 Posts: 3

Good Luck everyone, we will miss you.

Dud? Joined: 10 Jan 2009 Posts: 3

http://www.wsbtv.com/video/18444560/index.html