Job Losses

Why HSBC Hopes the World Does Not Put 2 and 2 Together

Written by Leatherneck on August 27, 2007 under Analysis, Archives, Economic Impact, Editorial, Foreclosure, Government Positions, International, Investors, Job Losses, Lenders, Opinion, Outside the U.S., Root Causes

Why did the subprime money pipeline shut down? And which bank was buying mortgages from brokers and lenders? HSBC of course. Subprime and second mortgages were to HSBC like Household International was to predatory lending – an easy ride to profits. Or so they thought. Second mortgages? Sorry, but HSBC has little or no security interest when a home goes to foreclosure.

Having Problems With The Lehman Brothers Timeline

Written by Leatherneck on August 23, 2007 under Archives, International, Investors, Job Losses

Are you having a difficult time with Lehman Brothers press releases? Did you suspect that what was said one day was the opposite of what you thought you knew? You aren’t alone. Here is a timeline for you to digest:

Putting Job Losses in Perspective at 60,000 and Counting

Written by Leatherneck on August 22, 2007 under Archives, Job Losses

Up to now we’ve been reporting job losses as they take place. We will continue to do so, often with the help of employees who notify us first. For this article I want to discuss overall job losses. We have an employment collapse that threatens to rival massive layoffs in the airline industry after Sept. 11, 2001. Approximately 100,000 employees lost their jobs.

Block’s Option One Closing Offices

Written by Leatherneck on August 22, 2007 under Archives, Job Losses

Option One, a unit of H&R Block, announced in May that it would cut 615 jobs in an effort to reduce costs to compensate for a decline in loan demand and lower prices in the secondary market, where its mortgages are sold. Today, however, Option One Mortgage Corp., the biggest originator of home loans to Rhode Island borrowers with credit problems, said it will close its loan-processing office in East Providence and lay off 63 employees by Dec. 1 as part of a company-wide cost-cutting plan.

Lehman to Close BNC Mortgage

Written by Leatherneck on August 22, 2007 under Archives, Investors, Job Losses

Lehman, based in New York, will shut its BNC Mortgage LLC unit and cut about 4.2 percent of its workforce of more than 28,000. The closing will reduce its earnings by $52 million, Lehman said in a statement. Lehman shares, down 26 percent this year, fell 17 cents to $57.37. Lehman, the biggest underwriter of U.S. bonds backed by mortgages, became the first firm on Wall Street to shut its subprime-lending unit and said 1,200 employees will lose their jobs.

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