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More Problems in the Mortgage Business

WMC Mortgage announced that 771 workers, including 185 at its Addison based Texas division. This round of layoffs follows the termination of 460 employees last month.

WMC spokeswoman Brandie Young said that the layoffs are the result of the turmoil in the mortgage industry. Many subprime mortgage lenders are leaving the business.

WMC, headquartered in California, said it has no plans to leave the subprime mortgage industry but is looking to adjust to meet the changes in the marketplace.

For more information, please visit the Fort Worth Star Telegram at www.star-telegram.com

http://www.star-telegram.com/100/story/79013.html

Ray

This entry was posted on April 27th, 2007 at 10:04:34 am and is filed under Economic News.

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