Job Losses

Mortgage Industry Layoffs Kept Quiet For Now

Written by Leatherneck on August 17, 2007 under Archives, Editorial, Job Losses

You know that mortgage lenders, investors, and big commercial banks are singing the mortgage blues when they are afraid to discuss layoffs that have been taking place throughout the industry. Who can blame them in this time of speculation and conjecture? Something as small as 500 layoffs in a huge company is a major concern for those getting laid off but minor for the company. Today it may be different, as market agitators tend to grab on to any news, putting a spin on it to suit conditions. We know of layoffs in two locations.

10000 Layoffs Just at AT&T brings focus on subprime

Written by Leatherneck on August 09, 2007 under Archives, Economic Impact, Job Losses, Opinion, Quotable Quotes

Adding to mortgage blues are layoffs like we see here. AT&T Inc. plans to eliminate about 10,000 jobs after completing the $67 billion purchase of BellSouth Corp. The reductions will come in 2007 through 2009, Chief Financial Officer Rick Lindner told analysts. The connection that some people fail to see is that one of AT&T’s board members is William F. Aldinger III, once in charge at Household International when HSBC bought the predatory lender. Some think the seeds of subprime can be traced back to Aldinger’s Household International.

WMC, Residential Capital Saw 3500 Layoffs

Written by Timothy Blake on August 03, 2007 under Archives, Job Losses, Lenders

WMC Mortgage, owned by GE, gave 30 day notices to 250 or so employees, rather than terminating them on the spot. That brings the current number of layoffs at the Burbank-based lender to more than 1,500 of the company’s original 2,000 or so employees. In other news Residential Capital, the mortgage unit of GMAC LLC said it was terminating about 1,000 positions in addition to a previous round of 1,000 layoffs from January.

Mortgage Lenders Network Job Losses

Written by Timothy Blake on August 03, 2007 under Archives, Job Losses, Lenders

We need to catch you up on some news pertaining to job losses in the mortgage lending industry. Our analysts will add to our “job loss” category as time permits. For now here is another article about mortgage industry job losses:

AHM Job Losses, Cease and Desist Order

Written by Timothy Blake on August 03, 2007 under Archives, Job Losses, Lenders

Talk about mortgage blues. About 7000 people are unemployed, and the threat of a $1 million fine, coupled with a cease and desist order would certainly do it. When state banking regulators step in to drop the hammer it is a bad day. Here’s what happened Friday, August 3:

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