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Layoffs Still Outpace Hirings

Layoffs Still Outpace Hirings269,900 mortgage jobs in March

May 8, 2009

By MortgageDaily.com staff

Despite thousands of hirings, new government data indicate mortgage jobs continued to diminish in March.Mortgage sector headcount ended March at 269,900, according to data released today by the Bureau of Labor Statistic. Employment eased from a revised 270,400 at the end of February and a revised 321,900 in March 2008.

Positions in “real estate credit” accounted for 196,800 of March’s total, off from February’s 197,200. “Mortgage and nonmortgage loan brokers” accounted for 73,100, down from 73,200.

The decline in mortgage employment came despite thousands hirings tracked by MortgageDaily.com, including 5,000 jobs added at Wells Fargo & Co. during the first quarter and another 5,000 employees being hired at Bank of America Corp. — some of which occured during March.

The following table summarizes March layoffs tracked by MortgageDaily.com.

Company Notes Estimated Layoffs
Accredited Home Lenders Filed for bankruptcy 91
Bank of America Corp. na 50
Central States Mortgage na 107
Citigroup Inc. Q1 total 641
First Security Loan Corp Closed 35
FirstFed Financial Corp. Q1 total 62
Flagstar Bancorp Inc. Q1 total 155
HSBC Finance Corp. Closed 5,400
Huntington Bancshares Inc. na 50
JPMorgan Chase & Co. Q1 total 189
PHH Mortgage Q1 total 350
PNC Financial Services Q1 total 75
Sovereign Bank Q1 total 100

In April, U.S. unemployment rose to 8.9 percent from 8.5 percent in March, according to the bureau — which operates within the U.S. Department of Labor. Total private sector employment fell 611,000 in April and has fallen 5.7 million since the beginning of the recession in December 2007.

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