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Ed Cage

 

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Mortgage Job Losses by Company and State

Posted: 07 Jan 2008 11:31 AM CST

MortgageDaily.com conducted an analysis of layoffs, hirings and company closures involving at least 50 employees at 205 mortgage companies during 2007. During that period, the group found that the number of employees working within real estate finance fell by 100,000, of which 86,701 were analyzed. “The subprime crisis of 2007 has left more than 100,000 mortgage employees [...]”

 

 

Submitted by Ed Cage  /  ecagetx@tx.rr.com

Sorry folks.. This has an intriguing title but I was unable to get much

more than this on this interesting subject.  Any help I/we can get on the

amplification of this subject would be sincerely appreciated.

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Ed Cage

 

UPDATE:  Here are the figures: Both Countrywide and California get

clobbered.  Plus more than 100,000 mortgage employees lose their

jobs.

 

Submitted by Ed Cage  /  ecagetx@tx.rr.com

     _      _      _ 

 

 

“The subprime crisis of 2007 has left more than 100,000 mortgage employees without a job — with many facing foreclosure themselves,”

Mortgage Job Losses by Company and State

07Jan08

 

MortgageDaily.com conducted an analysis of layoffs, hirings and company closures involving at least 50 employees at 205 mortgage companies in 2007.

During that period, the group found that the number of employees working within real estate finance fell by 100,000, of which 86,701 were analyzed.

“The subprime crisis of 2007 has left more than 100,000 mortgage employees without a job — with many facing foreclosure themselves,” said Sam Garcia, publisher of MortgageDaily.com.

“While more layoffs are anticipated for the mortgage sector during 2008, we expect the pace of job cuts to slow significantly. In addition, employment growth is projected in mortgage servicing as delinquencies and foreclosures rise.”

Here are the largest net job losses by lender:

Countrywide Financial -11,665
American Home Mortgage -6,628
First Magnus -5,940
New Century -5,200
Residential Capital LLC -4,470
Washington Mutual -3,580

Though IndyMac Bancorp laid off 1,400 over the course of the year, the struggling mortgage lender offset that loss by hiring 1,200 employees.

It’s unclear, however, if this survey takes into account the voluntary severance packages extended to IndyMac employees that continue to be reported.

Interestingly, JPMorgan Chase actually saw a net gain of 4,465 jobs during 2007 as it continues to make its push in the under pressure mortgage sector.

By state, California led the decline in mortgage-related work, with a net loss of 15,933 employees.

Here are the 2007 net gains or losses by state (select list):

Arizona -2,505
California -15,933
Delaware +200
Florida -2,507
Illinois -1,738
Louisiana +130
New York -2,071
Ohio -845
Texas +145

Check out the latest list of mortgage layoffs, lender closures, mergers, and rumors.

If you’re interested in staying abreast of the latest mortgage news, consider our free e-mail updates!

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Ed Cage

So why are all these mortgage companies consolidating, laying off employees, sending out warnings, and going out of business?

Well, a recent statistic showed that 2.33% of all US mortgages are currently delinquent, a number which is sure to rise. And repurchases have tripled between the first and second quarter of 2006.

Not to mention declining home values in almost every metropolitan area throughout the United States, sky-high home prices, rampant fraud, a deteriorating secondary market and unmanageable mortgage payments.

I recently began adding mortgage lenders from parts of the world other than the United States that have issued profit warnings, as well as companies that remain open but have been affected seriously by the mortgage mess in one way or another.

According to a recent report, there have been roughly 70,000 mortgage layoffs since the beginning of the year, with another 30,000 to 40,000 expected by early 2008.

If you’re looking to stay abreast of the latest mortgage news, consider our free e-mail updates!

List last updated on January 7, 2008

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