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WMC, the GE owned mortgage company, is laying off half of its staff in response to the recent downturn in the mortgage market. From Reuters:
WMC Mortgage subprime lending unit plans to lay off 771 workers, about half of its staff, a spokeswoman said on Thursday.
The layoffs will include the closing of facilities in Costa Mesa and San Ramon, California, as well as Addison, Texas. Following the cuts, WMC will employ about 700 people, spokeswoman Brandie Young told Reuters.
Read more on Mortgage Implode-O-Meter as well as from the OC Register Mortgage blog.
Last 3 posts by Morgan
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It's sad to hear that most companies are closing.. Lay offs happen everywhere.. There's still hope to strengthen or weakening economy.