Mortgage Industry Lays Off 86,000 in 2007
|January 8, 2008|
More than 86,000 jobs in the mortgage industry were cut in 2007 because of the weak real estate market, according to a report released Monday by MortgageDaily.com
Countrywide Financial Corp. led the way, cutting 11,665 positions or about 14 percent of all lost jobs, said MortgageDaily, which analyzed hiring at 205 mortgage companies
California was the hardest hit, losing nearly 16,000 jobs in 2007.
"While more layoffs are anticipated for the mortgage sector during 2008, we expect the pace of job cuts to slow significantly," Sam Garcia, publisher of MortgageDaily.com, said in a statement. "In addition, employment growth is projected in mortgage servicing as delinquencies and foreclosures rise."
Source: The Associated Press