Author Archive

Block Eliminates 575 Option One Jobs

Written by Leatherneck on September 12, 2007 under Archives, Job Losses

H&R Block Inc on Tuesday said it will eliminate 575 jobs at its Option One Mortgage Corp subprime lending unit, on top of 615 job losses announced on May 15. Block expects to incur a $19 million pretax restructuring charge in its current fiscal year in connection with the additional cuts. It said Option One expects to complete the expanded restructuring by Dec. 31.

Shareholder Class Action Filed Against Radian Group Inc

Written by Leatherneck on September 12, 2007 under Archives, Lawsuits

When a certain industry has a helpless captive customer base one just doesn’t feel sorry for them when they mess up. Take the case of PMI – mandatory mortgage insurance for those who owe more than 80 percent of the value of their home. Perhaps the honeymoon is over for MGIC, Radian, and C-BASS. The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:

Mortgage lender Victoria Mortages in administration

Written by Leatherneck on September 10, 2007 under Archives, International, Lenders, Outside the U.S.

A British mortgage lender which offers loans to people with poor credit histories has gone into administration. Victoria Mortgages said its funding had been “removed”, becoming one of the first UK victims of the credit squeeze caused by worries over sub-prime loans. Borrowers whose mortgage applications have been approved, but have yet to receive funds, are set to be worst hit.

Mortgage Industry Keeps Cutting Workforce

Written by Leatherneck on September 09, 2007 under Archives, Economic Impact, Job Losses

More than 15,000 jobs have been eliminated this week alone, as IndyMac Bancorp, National City Corp. and Lehman Brothers Holdings Inc. announced reductions. More than 100 mortgage companies have sought buyers or halted lending since the start of 2006. Countrywide Financial Corp., the nation’s biggest mortgage company, may reduce its workforce by 10,000 to 12,000 in the next three months, a 20 percent cut.

Countrywide to lay off as many as 12,000

Written by Leatherneck on September 07, 2007 under Archives, Job Losses, Lenders

Once again it seems like some of the banks and companies that got out in front of subprime issues are the ones that really need to be watched. Only a few weeks ago Countrywide told us they had billions in liquidity and there was nothing to worry about. Shortly thereafter we heard speculation about Countrywide and bankruptcy. That never happened but the company certaining is singing the mortgage blues, as massive layoffs were announced today:

« Older Entries
Newer Entries »

Our Sponsors

<
Our Partners Selected Articles


© Copyright 1998 - 2012 Mortgage Crisis Daily | 49 queries in 0.332 seconds.