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Subprime Retailer Lays Off 100

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Subprime Retailer Lays Off 100

Wilmington Finance closes four call centers

June 21, 2006

By COCO SALAZAR

photo of Coco Salazar
The subprime subsidiary of American International Group has shut down retail call centers.

Wilmington Finance closed four of its seven retail calling centers, which resulted in approximately 100 layoffs, Joe Norton, spokesman for parent AIG, told MortgageDaily.com.

An announcement to the staff cited the reduction as “precipitated by the general market conditions in the mortgage lending business,” Norton said.

The layoffs occurred in Newark, Del., Nashville, Tenn., St. Louis, Mo., and Greenwood Village, Colo., the spokesman added.

The business of the closed branches will be absorbed by the three remaining call centers located in Fort Washington, Penn., Cincinnati, Ohio, and Henderson, Nev., he said.

With the seven call centers, 12 wholesale branches and two corresponding lending centers, the Pennsylvania-based lender employs 1,700 individuals, according to its Web site.

Because the company does not break down employment by unit, Norton said he did not have the total number of mortgage jobs within the call centers.

Subprime lender Ameriquest Mortgage Co., which reported retail production has fallen for five consecutive quarters, shuttered 229 direct lending branches in May — resulting in 3,800 layoffs.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com

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