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Offer Angel in the NewsBuilderOnline.com--More Jobs Lost at Mortgage Lenders | 2007-08-23By Robb Crocker The U.S. workforce just got lighter by 5,700 people. Countrywide Financial spent Monday reassuring their customers, while letting 500 employees go. By Thursday, the embattled lender's stock price climbed after Bank of America purchased $2 billion of the company's preferred stock. On Tuesday, Capital One shuttered GreenPoint Mortgage, a company they owned for less than a year. Accredited Home Lenders slashed jobs and halted lending on Wednesday, less than 24 hours after it announced that it was selling $1 billion of home loans to a private investor. And Lehman Brothers on Wednesday afternoon became the first firm on Wall Street to close its subprime lending unit. Meghan Burns, co-founder of offerangel.com, an online company that helps borrowers understand the terms of their mortgage, predicts that the mortgage industry is creating a ripple effect spilling over to the auto, home improvement, and home equity loan businesses. "It is going to get a lot worse and continue," she stated. Complete article found through the link below. 2007-08-23 Source: http://www.builderonline.com/industry-news.asp?sectionID=26&articleID=561217 |
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Copyright ©2007 Offer Angel LLC All Rights Reserved. "Offer Angel" and "The Honest to Goodness Truth About Your Mortgage Offers" are service marks owned by Offer Angel LLC Other trademarks are the property of their respective owners. v55 |
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