Disapearing Mortgage jobs
After adding 100,000 new jobs in June, the July jobs report showed a loss of 4,000 jobs nationwide for the month. For the year job creation will be up over 500,000 but not in real estate and lending.
Countrywide Financial Corp., the largest U.S. mortgage lender, said last Friday it would cut up to 12,000 jobs, the biggest job reduction by a single company to date that stems from the deepening U.S. housing crisis.
According to the company, it expects to eliminate up to 20 percent of its work force over the next three months, for a loss of 10,000 to 12,000 jobs. It said the cuts were needed because mortgage volume may decline 25 percent in 2008 from this year's level.
"We are taking decisive action to ensure that Countrywide continues to be well-positioned for further success," said Angelo Mozilo, Chairman and Chief Executive Officer. The company’s decision to make the current job cuts were announced less than 20 days after it announced that it would cut an undisclosed amount of employees from its Full Spectrum (subprime) unit.
First Horizon National Corp. said today it will cut at least 1,500 mortgage origination jobs due to challenging conditions in its mortgage, national real estate and banking businesses. According to the company it now employs roughly 11,300 workers. The loss of up to 1,500 mortgage originators would be roughly 50% of its current sales force.
Ken Calhoon, President and chief executive officer of Golden West Real Estate, announced that the company does not anticipate any reductions in staff. In a recent press conference Calhoon said, “The focus of our company has never been on subprime lending, or hiring non-licensed telemarketing loan originators to push teaser rate loans or get rich investment. We have positioned our company to seek quality personal relationships with our clients.” Golden West Real Estate currently offers real estate and lending services to clients in the Capital Region.
Countrywide Financial Corp., the largest U.S. mortgage lender, said last Friday it would cut up to 12,000 jobs, the biggest job reduction by a single company to date that stems from the deepening U.S. housing crisis.
According to the company, it expects to eliminate up to 20 percent of its work force over the next three months, for a loss of 10,000 to 12,000 jobs. It said the cuts were needed because mortgage volume may decline 25 percent in 2008 from this year's level.
"We are taking decisive action to ensure that Countrywide continues to be well-positioned for further success," said Angelo Mozilo, Chairman and Chief Executive Officer. The company’s decision to make the current job cuts were announced less than 20 days after it announced that it would cut an undisclosed amount of employees from its Full Spectrum (subprime) unit.
First Horizon National Corp. said today it will cut at least 1,500 mortgage origination jobs due to challenging conditions in its mortgage, national real estate and banking businesses. According to the company it now employs roughly 11,300 workers. The loss of up to 1,500 mortgage originators would be roughly 50% of its current sales force.
Ken Calhoon, President and chief executive officer of Golden West Real Estate, announced that the company does not anticipate any reductions in staff. In a recent press conference Calhoon said, “The focus of our company has never been on subprime lending, or hiring non-licensed telemarketing loan originators to push teaser rate loans or get rich investment. We have positioned our company to seek quality personal relationships with our clients.” Golden West Real Estate currently offers real estate and lending services to clients in the Capital Region.
posted by Ken Calhoon at 1:21 PM
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