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WMC Mortgage Cuts Another 771 JobsBy Stephen Bernard
BankNet360
April 20, 2007
For the second time in as many months, WMC Mortgage Corp. announced a round of sweeping layoffs, this time cutting 771 jobs, more than half its workforce. The Burbank, Calif.-based nonprime lender, a unit of General Electric Co. [ticker: GE], cut more than 460 jobs in early March.
The layoffs include shutting down offices in Costa Mesa, Calif.; San Ramon, Calif.; and Addison, Texas.
GMAC LLC also announced it would trim staff in its mortgage operations. The Minneapolis-based unit of Cerberus Capital Management will cut as many as 700 jobs, or 5% of its staff.
Click on "Read More" below for the full article by Los Angeles Times.
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