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Nonprime Layoffs at WaMu

Nonprime Layoffs at WaMu

Long Beach laying off 82

August 9, 2006


photo of Coco Salazar
Washington Mutual will layoff more employees when it closes a Florida office of its subprime unit.

The Long Beach Mortgage Co. operations site in Plantation will close and eliminate 82 back-office support positions, spokeswoman Olivia Riley told in e-mail statements.

WaMu notified the employees last week and expects the layoffs to occur by Oct. 1, according to the statements.

“This decision supports an ongoing strategy that we have been talking about for over 8 months,” Riley said. “Since last November, Washington Mutual has been implementing its plans for several initiatives that will help the company operate more efficiently.”

So far in the year, at least 4,500 other mortgage job cuts have been reported. The layoffs have involved employees in mortgage processing, correspondent lending, call center and real estate appraisal. WaMu transferred some of the work overseas.

Another recent move toward more efficiency was the Seattle-based thrift’s recent agreement to sell to Wells Fargo & Co. a $140 billion servicing portfolio of 1.3 million loans.

Coco Salazar is an assistant editor and staff writer for

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