Mortgage Job Cuts Surpass 38,000

By
Mortgage and Lending with Benchmark Mortgage of Louisiana

From Yahoo! Financial News: 

Since the start of the year, more than 38,000 workers have lost their jobs at mortgage lending institutions, according to recent company layoff announcements and data complied by global outplacement firm Challenger, Gray & Christmas Inc. Meanwhile, construction companies have announced nearly 20,000 job cuts this year, while the National Association of Realtors expects membership rolls to decline this year for the first time in a decade.

The rest of the article can be read here.

I'm sure there's more to come.  The lenders who are backed by investment banks are beginning to fall, as well as those backed by other large banks. 

Capital One closed Greenpoint, laying off 1900.

Accredited Home Loans laid off 1600.

1st National Bank of Arizona (Alt-A) closed, eliminating 541 jobs.

First Magnus laid off nearly 6,000.

HSBC announced 600 layoffs.

Lehman Brothers closed BNC today, cutting 1200 jobs.

Countrywide laid off several hundred employees in its Full Spectrum Division (subprime).

The above numbers are just THIS WEEK!

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Gareth Bourriague

Benchmark Mortgage
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