Posted on 08/23/2007 8:10:55 AM PDT by Hydroshock
NEW YORK (CNNMoney.com) -- In another sign of how dire the subprime mess has become, mortgage lenders shed about 18,000 jobs this month, according to one estimate.
But while the crisis has been largely contained to mortgage lenders and financial services firms, some economists see subprime-related labor trouble spreading to other parts of the economy in the months ahead.
The number of casualties has already been significant. The collapse of New York-based American Home Mortgage Investment Corp. earlier this month resulted in the loss of nearly 7,000 jobs. On Wednesday, Accredited Home Lenders (up $0.14 to $6.24, Charts) said it would slash more than half the jobs in its mortgage unit.
Capital One and the mortgage domino effect Job cuts among mortgage and subprime lending institutions for August are up an eye-popping 6,300 percent from last year, according to a study published this week by outplacement firm Challenger Gray & Christmas.
Last week, Bear Stearns (up $2.55 to $117.30, Charts, Fortune 500) laid off 240 employees in its lending unit. Lehman Brothers (up $0.83 to $59.37, Charts, Fortune 500) said Wednesday it is shutting down its subprime mortgage BNC Mortgage unit, which would result in the loss of 1,200 jobs. Lehman's job cuts are on top of the 18,000 calculated by Challenger.
(Excerpt) Read more at money.cnn.com ...
That was the total financial sector, this is just subprime.
While this is a problem of concern, the media is overblowing it, as usual.
never make excuses for the press — there is no excuse.
In related news, AHL announces the creation of more than 40,000 new jobs with its opening of a new lending center in India...
Thanks for posting. Interesting.
I’m just glad that these fine Americans on FR have taken over the job once held by Willie Green.
Are you really that afraid of living?
BigMack
Good. The more people that leave this crooked business and get into a more honest line of work, the better off the economy will be.
The Invisible Hand at work.
ROTFLOL! Quote of the day!
He was outsourced.
I think that's why they call it "high risk."
They must be recalling a bunch of employees. An earlier story was posted when the number was up to 40,000.
Mortgage industry job cuts surpass 40,000
http://www.freerepublic.com/focus/f-news/1885363/posts
The 40k number was for jobs lost this year. This number is jobs lost this month.
look at #16, then look at yesterdays posts, and try that one again...
“I’m just glad that these fine Americans on FR have taken over the job once held by Willie Green.”
The dreaded Hydra. Cut of one head, two more spring forth.
Ok, done. Here's what I've found:
Since the start of the year, more than 40,000 workers have lost their jobs at mortgage lending institutions, according to recent company layoff announcements and data complied by global outplacement firm Challenger, Gray & Christmas Inc.
And above:
In another sign of how dire the subprime mess has become, mortgage lenders shed about 18,000 jobs this month, according to one estimate.
Please look at #17, and try again.
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