Posted on 06/30/2022 5:55:00 AM PDT by devane617
Plano-based First Guaranty Mortgage Corp. laid off the majority of its staff on Friday.
The mortgage lender terminated 428 of its 565 employees who work for its Plano office, according to a notice the company provided to the Texas Workforce Commission. Some of those employees work remotely from out of state, according to the letter.
The notice said the layoffs were caused by “significant operating losses and cash flow challenges due to unforeseen historical adverse market conditions for the mortgage lending industry, including unanticipated market volatility.”
Additionally, the notice said recent efforts to obtain funding that could have prevented the layoff have been unsuccessful.
(Excerpt) Read more at nbcdfw.com ...
ADP says it will pause its private-sector employment report as it retools survey
So the labor dept. is re-working the numbers to show no recession and everything is rosy for the mid terms.
Like the hud crooks testifying the housing market was sound.
Gee, now why would this happen?
Thanks Brandon
It is 2008 all over again. Housing prices are going to fall hard.
So far, at least, house prices are holding up. But I don’t see how that can continue - there should be a downturn in the real estate market before too long. At least I hope so - hoping to buy on the dip.
Housing is dropping, expect momentum to pick up thru remainder of year. Mortgage apps way down, early indicator.
Refis have been a major part of the mortgage market for years—they are about to be the Unicorns of the lending industry.
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