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October 4, 2007
The Bear Stearns Companies Inc., a financial services firm, is merging its mortgage lending businesses together and cutting 310 positions to meet the structural and operational needs of today's changing mortgage market.
In a statement this week, Bear Stearns also said its origination units, Bear Stearns Residential Mortgage and Encore Credit, are merging into one unit—Bear Stearns Residential Mortgage Corp. (Bear Res)
“We have a powerful mortgage franchise and this combination will allow our account executives better access to the full suite of products Bear Res can now offer,” said Tom Marano, the global head of mortgages, rates, and foreign exchange. “A hallmark of our franchise has been our ability to adapt to changes in the market environment and product demand.”
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