A new study says that 86,000 mortgage related jobs were cut due to the weakening housing market, says CNNMoney. Diabolical mustache-twirling evidence-forging lender Countrywide unburdened itself of the most workers, cutting 11,665.
California was the hardest hit:
California, where dozens of mortgage lenders are based, was the state hit hardest by the downturn. Nearly 16,000 mortgage jobs were cut in California in 2007. California was home to one of the nation’s largest subprime lenders, New Century Financial Corp., before it filed for bankruptcy protection in April 2007. New Century’s closing led to 5,200 lost jobs.
Nearly 90,000 mortgage jobs eliminated [CNNMoney]
(AP Photo/Paul Salkuma)