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Fund Established for Displaced CA Workers

U.S. labor dept. establishes $5.6 million grant

February 20, 2008


A $5.6 million fund has been established by the federal government to help former employees of California mortgage companies.

The grant, announced today by the U.S. Department of Labor, was awarded to the California Employment Development Department and will be used for career counseling, skills training and other employment and training assistance. Around 863 people who were laid off from jobs in the mortgage and banking industries are expected to benefit from the program.

The labor department said $2.5 million will be initially released.

"Between July 1 and December 31, 2007, California experienced large worker dislocations as a result of more than 40 mortgage industry employers filing Worker Adjustment and Retraining Notices," today's announcement said.

Employers are required to provide states WARN notices at least 60 days before a company plans to lay off at least 50 people.

A recent MortgageDaily.com analysis found that during 2007, mortgage-related layoffs in California exceeded mortgage-related hirings by 15,933.

Nationwide, mortgage employment dropped to 369,000 people as of Dec. 31, 2007, from 483,600 a year earlier, according to data published monthly by the Bureau of Labor Statistics.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

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