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Massive mortgage layoffs this week, more to come

Mortgage layoffs in America

Last week, Wells Fargo laid off, which Wells Fargo claims is less than one percent of their workforce and was mostly interim workers to help with volume.

Now, Bank of America is laying off mortgage workers from roughly 100 of their small loan fulfillment centers, half of all of its fulfillment centers. According to the L.A. Times, because Bank of America expects its mortgage lending to drop about 25% this year over last, more layoffs are on the way.

We have reported that half of the mortgage employees in America have gotten the axe over the last five years, and the layoffs continue.

Some claim the layoffs are only the interim workers, other analysts note that although the layoffs are accelerating, they are not new.

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Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

5 Comments

5 Comments

  1. Jenny

    April 16, 2011 at 1:28 pm

    I think that it indicates some looming changes. The whole mortgage industry is in for some sweeping changes.

  2. MH for Movoto

    April 18, 2011 at 12:36 pm

    The only way I can think that this is a good thing is if it means that there are fewer mortgage entanglements/foreclosures/requests for loan modifications happening… Everything else about this seems troubling.

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