86,000 Mortgage Related Jobs Cut In 2007

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)


Edit Your Comment

  1. Tracy Ham and Eggs says:

    Cmon people. Celebrate. You know you want to.

  2. CumaeanSibyl says:

    Are they counting the companies that flat-out went under in ’06? Because I swear there were companies that ended up losing a lot more than 86,000 workers.

  3. hotcheapnsexy says:

    Yea that includes 3 I help do all of the start of paperwork, get through audits…etc…

  4. esqdork says:

    Countrywide = EVIL. They play fast and loose with their paperwork and they manufacture evidence in court.

  5. HRHKingFriday says:

    As evil as the lenders are, I’m glad its the agents getting laid off too. Remember when everyone and their mom got their real estate agent license and inflated properties to make a quick buck?

  6. JustaConsumer says:

    Yes, but how many have gone to jail?

  7. econobiker says:

    Does that include “boiler room” sub-prime mortgage re-finance telephone sales guys?

  8. Tracy Ham and Eggs says:

    @JustaConsumer: More then the dirty borrowers

  9. Froggmann says:

    I for one totally believe this one. I was too in the Mortgage industry and lost my job in mid June. In early July I found a new job with better bennies and higher pay. BTW I was with a small lender in the Irvine area. They went from 7 locations and over 400 employees (Not including the telemarketing group) to 18. What sucks for them is they just bought a new headquarters building. Now they have to rent out all but the file room, their new offices.

  10. Nemesis_Enforcer says:

    @Froggmann: Our company went belly up in late April as well. We were a pretty responsible company, we denied more loans than we approved. I know we had some unscrupleous sales guys but they got canned pretty fast once managment found out they were forging signitures and altering doc’s. Now I am not in the mortgage industry at all and much happier and better paid. Some of my friends who are still looking for mortgage jobs havent found a job yet.

    Unfortunatly it’s not just the bad companies who went down.

  11. newspapersaredead says:

    What am I missing here? [jobsearch.monster.com]