Family says they have to move away after Ocwen layoffs - KWWL - Eastern Iowa Breaking News, Weather, Closings

Family says they have to move away after Ocwen layoffs

Posted: Updated:
  • KWWL.com LinksMore>>

  • Waterloo News

    Waterloo News

    Local news and information for the Cedar Valley and Black Hawk County, including Waterloo, Cedar Falls, Evansdale, La Porte City, Jesup, Dunkerton, Hudson, Gilbertville, Janesville, Raymond and Elk Run Heights.More >>
    Local news and information for the Cedar Valley and Black Hawk County, including Waterloo, Cedar Falls, Evansdale, La Porte City, Jesup, Dunkerton, Hudson, Gilbertville, Janesville, Raymond, Elk Run Heights and the surrounding Black Hawk County area.More >>
WATERLOO (KWWL) - Shannon Walderbach showed up to work Wednesday morning at Ocwen Financial in Waterloo thinking nothing of it, until she, along with 50 others, were pulled into a meeting.

"We're all thinking, 'OK, so we don't do meetings anymore, like big group meetings, so looks like a layoff,'" said Walderbach.

Walderbach survived three different layoffs and really thought she'd seen the end of it for a while.

This layoff came almost a year after the company laid off roughly 238 employees.

She says the layoffs came because the company lost more than 200,000 loans.

While Ocwen tried to find some more loans to compensate, that deal fell though, so they had to make some cuts at the company.

"When they had us all together laying us off, I said, 'Can you move us to other departments in the company? You know, what about that option?' Because they had done that in the past, just laterally move them into customer care," Walderbach said. "And they said, 'Well, there's not enough positions open for all of you.'"

Walderbach says her family of four is feeling the pressure to make ends meet in the Cedar Valley, and now think it's time to move.

"We cannot make it with $9 an hour with all the medical bills, student loans, you know everything," said Walderbach.

Ocwen now employs about 750 people in Waterloo.

A spokesperson with the company says: "Ocwen appreciates the hard work of all of its employees, and recognizes that this is a difficult time for those affected by the efforts to right-size its operations in Waterloo. Ocwen remains committed to its Waterloo operations."

Powered by Frankly