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 August 24, 2007

Mortgage Industry Has Dropped 38,000 Jobs since January 2007
Since the first of the year more than 38,000 employees have lost their jobs with mortgage lending institutions. These figures are from data compiled by the firm of Challenger, Gray & Christmas, Inc., a global outplacement firm.
For the previous five years, the U.S. housing market was experiencing a boom and during that period mortgage companies grew at a rapid pace; at times even offering inexperienced applicants lucrative positions.

John A. Challenger a chief executive at Challenger, Gray & Christmas states that all kinds of mortgage lenders sprung up and grew like mushrooms. They got themselves all staffed and now they are faced with a bust.

Countrywide Financial Corporation, America's largest mortgage lender, started an undisclosed number of layoffs this week. Last week, First Magnus Financial Corporation of Arizona completely shut down operations and laid-off nearly 6,000 employees.

Capital One Financial Corporation announced Monday that it would close Greenpoint Mortgage, the corporation's mortgage banking business, causing the lay-offs of 1,900 people.

The mortgage market is not dead; it will just have less people working in it.

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