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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: russwinter	11/17/2005 7:43:24 PM
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Another shoe dropping that I've been looking for: Thursday, November 17, 2005 Subprime Mortgage Firm Announces Layoffs thehousingbubble2.blogspot.com The much anticipated job cuts from the housing slowdown have begun. "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." "Ameriquest..makes higher-cost subprime loans for borrowers with credit problems, lack of steady income or other issues ." "'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." "The Mortgage Bankers Association on Wednesday said that a measure of mortgage loan application volume (was) down 13.7% from year-ago levels." "A spokesman for the company, said the layoffs affect ACC Capital’s Ameriquest, AMC Mortgage Services and Town & Country Credit subsidiaries. "

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