Saturday, September 08, 2007

Current market woes claim another victim...

The mortgage industry is getting hammered, and I'm another casualty. In a company paying commission only to the sales force and loan processing staff, I was the only salaried employee in the company other than the owners. After closing branch offices in an effort to cut overhead, there isn't much else left to cut other than staff...

But it looks like I won't be the only one looking for work...

Sept. 8 (Bloomberg) -- Countrywide Financial Corp., the biggest U.S. mortgage company, plans to cut its workforce by 10,000 to 12,000 in the largest round of firings since the industry's contraction began last year.

New U.S. home loans probably will drop 25 percent in 2008 from this year's levels, forcing the company to eliminate as much as 20 percent of its staff, Calabasas, California-based Countrywide said in a statement yesterday.

More than 15,000 jobs have been lost this week amid the worst U.S. housing slump in 16 years. IndyMac Bancorp, the second-biggest mortgage company, National City Corp. and Lehman Brothers Holdings Inc. cut staff. At least 100 mortgage companies have sought buyers or halted lending since the start of 2006, and foreclosures in the second quarter rose to a record, according to the Mortgage Bankers Association in Washington.

Time to look for something new.

How well does blogging pay?

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