Business-Not-So-Usual

Like much, if not all, of the mortgage industry, Alethes has not been immune from the downturns this year. To keep aligned with the declining loan volume, we have reduced our corporate and wholesale work-force by 32 people. This includes the reduction of 18 people this week.

I remain committed to our vision, mission, and values and while this week’s lay-offs were one of the hardest tasks I’ve ever had to do, it was necessary to reduce expense and regain profitability for the year. Part of our value statement states that we will be “Healthy in our disciplines of Leadership, Profitability, and Fun.” While the lay-offs were necessary for profitability and there might be argument as to the level of leadership, it was definitely not fun.

This morning we had our 4th or 5th “State of Alethes ” conference call and will continue to have these calls from time-to-time. We also have a check-in every Monday, Wednesday, and Friday at 10:06am (1006 meeting). You are welcome to call in and listen to that meeting; you can obtain the phone number by contacting john.bentham@alethes.biz.

If you have any questions about our viability, direction, or committment, I encourage you to ask John Glenn , Mary Reynolds , Paul Findley , Richard Woodruff , or myself.

Please do not listen to rumors.

Sincerely,

Danny L. Smith
CEO/President
Alethes, LLC