Author Topic: Video of CEO Laying Off 15% of Workforce  (Read 4589 times)

Offline Soylent Green Is People

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Re: Video of CEO Laying Off 15% of Workforce
« on: December 03, 2021, 02:48:51 PM » is the Zillow of mortgage lending. Big pocket backing run aground by seeing eye dog led management. Even though this is a layoff the severance package for these folks is pretty generous. That doesn't take the sting out of how stupid this was to announce this 22 days before Christmas. My guess is this move was done to tidy up before a sale to bigger and better run management.

There are still plenty of refinance buyers to help. The cream however has already been skimmed off the top. Every remaining refi borrower will require some experience based finesse to approve and close, not the sort of sloppy application mill practice of tossing what you get against the wall each day just to see what might stick. It was a great run for many companies - as it was for mortgage lenders in late 2006, early 2007. Significant consolidation lies ahead - not just 15% here, 15% there at some of the refi shops, but in the mortgage, title, and escrow industry across the board.

Some thought that economic cycles had been eliminated with the Fed's intervention since 2007. These folks obviously didn't hear the tin can clanking further down the road during the last 14-15 years, but here we are - as expected by a few of us.   
« Last Edit: December 03, 2021, 03:49:45 PM by Soylent Green Is People »
My .02c


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