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Over 14,000 1st Quarter Mortgage Layoffs

DALLAS -- (April 7, 2008) /PRNewswire/ More than 14,000 mortgage industry job losses were tracked during the first quarter of this year by
http://www.MortgageDaily.com. California continues to bear the brunt of the layoffs.

From Jan. 1 to March 31, there were 14,727 mortgage-related layoffs. During that same period, 343 jobs were added, bringing the net job loss to -14,384.

The latest figure is more than 1,000 worse than the first quarter of 2007 -- before the mortgage meltdown hit full speed.

Mortgage job losses are on pace to reach around 57,500 this year -- a decline from 86,071 in net job losses last year.

1st Quarter 2008
Mortgage Jobs Losses
Top 5 States
Net Job Losses
1. California
2. Florida
3. New Jersey
4. Iowa
5. Indiana

Top 5 Companies
Net Job Losses
1. IndyMac Bancorp Inc.
2. First Franklin Financial Corp.
3. Aurora Loan Services LLC
4. First National Mortgage Sources
5. Morgan Stanley

But the news wasn't all bad.

Five companies with net job gains were First Houston, Lend America, Primary Residential Mortgage Inc., Secured Bankers Mortgage Co. and WSB Mortgage.

One company, Millennium Mortgage Corp., reported in February that it was adding 150 wholesale account executives during the first half of 2008. But just one month later, it shut down the unit.

U.S. government data indicated that from Nov. 30, 2007, to Feb. 29, 2008, jobs in the mortgage sector fell by around 10,500. Compared to a year earlier, mortgage employment is down about 111,600 jobs.

"While mortgage jobs continue to contract, we've seen the pace of layoffs slow recently," said MortgageDaily.com founder and Publisher Sam Garcia. "This trend is likely to continue."

The full first quarter employment analysis is available to MortgageDaily.com subscribers at:

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.

Sam Garcia
3811-700 Turtle Creek Blvd.
Dallas, TX 75219

Source: MortgageDaily.com

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