August 2007 could be considered one of the worst months in U.S. mortgage lending history.
In addition to worldwide financial jitters sparked by liquidity concerns at Countrywide Financial Corp. and the potential collapse of Option One Mortgage Corp., the month saw thousands of layoffs and the failure of several more mortgage operations.
But not all the news was bad.
IndyMac Bank F.S.B. confirmed it has hired hundreds of former American Home Mortgage Investment Corp. employees and may hire hundreds more.
Shore Mortgage announced it is recruiting 150 new employees including underwriters, account executives and loan officers.
And the owners and executives of bankrupt First Magnus Financial Corp. have established a $1 million fund for some of its nearly 6,000 laid off employees.
||1st National Bank Holding Co. (wholesale ops)
Aegis Mortgage Corp. (originations)
American Home Mortgage Investment Corp. (originations)
Amstar Mortgage Corp.
Bay Finance Co.
BNC Mortgage LLC
Chevy Chase Bank (correspondent ops)
Choice Capital Funding
CIT Home Lending
Deutsche Bank (correspondent unit)
Express Capital Lending (halted new business Aug. 2007)
First Indiana Corp. (wholesale ops)
First Magnus Financial Corp.
MLSG Home Loans (wholesale ops)
National City (wholesale home equity unit)
Pacific American Mortgage Co.
Regions Financial Corp. (warehouse lending operation)
Saxon Mortgage (correspondent ops)
Silver State Mortgage
Transnational Financial Network Inc. (wholesale ops)
WinStar Mortgage Partners Inc.
W.J. Bradley Co. (wholesale ops)
The Mortgage Graveyard
Journal of failed, ailing and acquired lenders.
|Accredited Home Lenders Holding Co. is laying off more than 1,000 people
American Home Mortgage Investment Corp. has laid off most of its staff of more than 7,000
Bear Stearns Companies Inc. to layoff hundreds of mortgage employees
Countrywide Financial Corp. laid off more than 500 subprime employees
Countrywide Financial Corp. cut its wholesale subprime workforce
Delta Financial Corp. fires 20% of staff
Equifirst wouldn't release the number of people it recently laid off
First NLC Financial Services has laid off almost half of its staff
HSBC Finance Corp. plans to close down an Indiana mortgage operation -- leaving the office's 600 employees unsure about their future.
Impac Mortgage Holdings Inc. cut hundreds of jobs
NovaStar Financial Inc. cut more than one-third of its workforce
Option One Mortgage Corp. is eliminating jobs in Texas
SunTrust wouldn't elaborate on how many of its announced 2,400 layoffs were mortgage jobs
The parent of Option One Mortgage Corp. warned about more employee layoffs
Mortgage Employment News
Articles about mortgage job additions, layoffs and employment lawsuits. Monthly mortgage sector employment news from the Department of Labor. Best mortgage employers to work for. Employment archives back to 2002.
Mortgage Industry News
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