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PRESS RELEASE
Mortgage Job Analysis by State and Company
DALLAS -- (Jan. 7, 2008) /PRNewswire/ Fueled by massive layoffs at Countrywide Financial Corp., American Home Mortgage Investment Corp. and First Magnus, states including Arizona, California and Florida saw significant losses in the mortgage sector last year, according to an analysis of layoffs, hirings and company closings conducted by http://www.MortgageDaily.com -- a dominant source of online news for the mortgage industry. But Delaware, Louisiana and Texas were among states to see a net job gain in mortgage lending.
MortgageDaily.com analyzed layoffs and hirings involving at least 50 people at 205 mortgage companies during 2007. Included among the layoffs were employees from companies that have collapsed or closed down.
During the period reviewed, the number of people working in real estate finance dropped by more than 100,000 nationally, of which 86,071 were analyzed.
Partial Table of State Findings:
|
State
|
Total 2007
net gain or loss
|
| Arizona |
-2,505
|
| California |
-15,933
|
| Delaware |
+200
|
| Florida |
-2,507
|
| Illinois |
-1,738
|
| Louisiana |
+130
|
| New York |
-2,071
|
| Ohio |
-845
|
| Texas |
+145
|
|
U.S.
|
-86,071
|
Among the companies analyzed, Countrywide saw the biggest reduction in employees. While IndyMac Bancorp laid off 1,400 people, the company offset some of those layoffs by hiring more than 1,200 people.
The following table highlights the net job losses at companies that had the biggest decline in employees last year:
|
Company
|
Net Job Loss
|
| Washington Mutual |
-3,580
|
| Residential Capital LLC |
-4,470
|
| New Century |
-5,200
|
| First Magnus |
-5,940
|
| American Home Mortgage Investment Corp. |
-6,628
|
| Countrywide Financial Corp. |
-11,665
|
One company, JPMorgan Chase, actually saw a net gain of 4,465 jobs during 2007.
"The subprime crisis of 2007 has left more than 100,000 mortgage employees without a job -- with many facing foreclosure themselves," said Sam Garcia, Publisher of MortgageDaily.com. "While more layoffs are anticipated for the mortgage sector during 2008, we expect the pace of job cuts to slow significantly. In addition, employment growth is projected in mortgage servicing as delinquencies and foreclosures rise."
The complete report, detailed findings and data for all companies and states analyzed is available for $49 at (free to subscribers):
http://www.MortgageDaily.com//EmploymentByStateReport010708.asp?spcode=pr
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.
CONTACT:
Socorro Salazar
Associate Editor
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
Source: MortgageDaily.com
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