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 September 10, 2007

Expert Predicts Massive Layoffs in Mortgage Industry
Josh Rosner, managing directors with the New York investment research firm of Graham Fisher & Co. predicts that as many as 20% of the country's real estate loan officers will soon lose their jobs.
These numbers are in addition to the 10% reduction which occurred between December and July of this year. That reduction thinned the ranks down to 450,000.

Rosner states that the industry is seeing just the front-end of the large banks and investment banks beginning to cut their capacity.

Many companies have already begun to make cuts. Countrywide Financial Corp. just announced that it intends to cut 10,000 to 12,000 jobs. First Magnus Financial Corp. Has let go all but 50 of its 5,500 employees when the Tucson-based company closed in August. San Diego-based Accredited Home Lenders Holding Company has eliminated 1,600 positions; IndyMac of Pasadena 1,000, Cleveland-based National City Corp., 1,300; and NovaStar Financial of Kansas City, 775.

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