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 ...
It seems the irony of all the conflicting reports was entirely lost on you.
Is a cue ball ‘round’, or is it ‘white’....
I read that is was 22 thousand as of yesterday.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.