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Subprime Layoffs Continue at WaMu

110 IL jobs cut

July 2, 2007


photo of Coco Salazar

More mortgage layoffs were disclosed by Washington Mutual Inc. -- which is consolidating its subprime processing operations as a result sinking volume.

"As a result of the changing subprime market," the Seattle-based thrift will be laying off approximately 210 employees, WaMu spokeswoman Olivia Riley told MortgageDaily.com via e-mail statements.

About 110 of the layoffs will come from the closure of a subprime loan fulfillment center in Itsaca, Ill., and the other 100 will result from the previously-reported shutdown of a similar center in Dublin, Calif., according to the statements.

WaMu initially told MortgageDaily.com the Dublin office closure would result in about 120 layoffs and reflected "both reduced subprime volume and a continuing program of increasing efficiency by consolidating back-office support space nationally." The lender originally notified the Illinois Department of Commerce and Economic Opportunity there would be 140 Itsaca layoffs.

Riley expects the work from Itsaca and Dublin to be transferred to two remaining subprime fulfillment centers in Anaheim, Calif., and Denver, Colo.

Where possible, WaMu said it will help the affected subprime employees find jobs within the company.

Different groups of employees will be laid off on different dates, but most of the jobs will end Aug. 1, Riley said.

Following a 57-percent plunge to $3.48 billion in WaMu's subprime volume during the first three months of the year, the second quarter held the completion of 250 Long Beach Mortgage loan fulfillment job cuts and about 60 mortgage records center layoffs in Houston, Texas.


Subprime Decline, Layoffs at WaMu
Tumbling subprime volume continued to take its toll on Washington Mutual Inc. employees.

Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

e-mail: [email protected]

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