November 19, 2005

The first 1,500 of millions - Ameriquest Mortgage to Cut 1,500 Workers

So many jobs that won't be needed anymore

* realtors
* mortgage bankers
* appraisers
* new home builders
* developers
* investors
* title agents
* home depot clerks

but, then there are the new ones that will be needed

* bankruptcy lawyers
* credit counselors
* psychiatrist
* auctioneers
* foreclosure specialists
* prison guards
* real estate bloggers

The corporate parent of Orange-based Ameriquest Mortgage today said it would lay off 10% of its workforce — about 1,500 employees — as the long-running housing boom and demand for home loans cools off.

ACC Capital Holdings, which also owns AMC Mortgage Services and Argent Mortgage, would not identify where it would cut jobs or provide other details about the layoffs.

"The mortgage industry is entering a more challenging phase of rising interest rates," the company said in a statement. "In cyclical industries such as mortgage lending, periodic workforce reductions are not uncommon."

After benefiting for years from a booming housing market, mortgage lenders now face an industrywide slowdown as a rise in interest rates has dampened demand for refinancings and new loans.


skytrekker said...

Ha Ha

so true- the times are a changin'

Donny said...

This is the first downsizing of what will be many layoffs in real estate dependent Orange County. What do you think is going to happen to those lofty home values in Orange County as the unemployment rate starts increasing?

Clue, here’s what Christopher Thornberg, senior economist for the UCLA Anderson Forecast for Orange County regarding this issue as reported by the OC Register on September 28, 2005:

“The problem for Orange County, Thornberg said, is that so many jobs are tied to the mortgage industry, especially subprime lenders that make loans to people who have credit problems or can't qualify for a traditional mortgage “

“I think Orange County is in for a rude shock," Thornberg said. "When this thing ends, it's going to be bloody”

41cadillac said...

Did you read this one?
Tim Sullivan, president of the Sullivan Group Real Estate Advisors, says:

"Housing 'bubble' a myth because economy too strong, say observers Fri Nov 18, 9:10 PM ET

"This concept (the housing bubble burst) is dangerous because there's a bandwagon that believes the market is going to change," He agrees there will be change. "Is it going to explode and pop? ... No. We don't believe the market is perfect. We do believe we're in a cycle."

Sullivan said a bubble can't exist because one of the necessary criteria for a bubble, a fundamental shift in the economy, is not present and will not occur.

As housing prices seem to be reaching unsustainable levels nationwide, there continues to be a belief in the presence of a housing "bubble" and its inevitable burst. However, real estate advisers say the belief is a myth since the market is a cyclical one in which change will always occur."

blogger said...

time will tell. very shortly though we'll know.

We've already seen two straight monnths of decline in median house value - proven, done, over, period.

So the ? is what will the world look like in say 6 months. Flat? Up? Down?

Supply and demand dictate one direction - down. You can't have an explosion in supply, and a lessening of demand, and have the price of the widget stay the same or go up. It just doesn't work that way. Econ 101.

000000000000000000000000000000000000 said...

I am an Antique Dealer who enjoyed buying all your family treasures in the crash of 91 so that you could "ride it out". Most of you did not make it! Thanks for the things, and thanks for puffing up real estate again. I'll see you again in 2010!

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