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August 7, 2007
HOUSTON - A financially struggling Houston-based mortgage company today laid off a "substantial" number of its workers.
The action by Aegis Mortgage came one day after the company said it would not accept any new applications.
Aegis Mortgage said its actions were due to immediate financial challenges resulting from decline in conditions in the secondary mortgage market and national real estate market.
Aegis Mortgage has 1,300 workers nationwide in about 30 U.S. branches.
A company spokeswoman declined comment on how many workers have lost their jobs.
KTRK television reports the number is about 1,000.
The company, whose owners include private-equity firm Cerberus Capital Management, said it's maintaining its servicing businesses.
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