So many jobs that won't be needed anymore
* mortgage bankers
* new home builders
* title agents
* home depot clerks
but, then there are the new ones that will be needed
* bankruptcy lawyers
* credit counselors
* 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.
November 19, 2005
Posted by blogger at 11/19/2005