Financial Crisis Monitor

In a report from Household – HSBC Watch we learn of a mortgage loan officer who lost his job. The individual has an adjustable mortgage and owes more than the house is worth. The loan is from HSBC. What follows is the actual report submitted to consumer advocates:
ZP in Georgia says: [...]

Struggling mortgage lender Countrywide Financial Corp. said Wednesday it will cut about 900 more jobs nationwide, primarily from its mortgage production divisions. The cuts followed the elimination of about 500 positions last month. The latest layoffs came in response to the troubled housing market and economic conditions, Calabasas-based Countrywide said in a statement.
“Countrywide [...]

NovaStar Financial Inc. today said it is making cuts in its retail mortgage business, resulting in the loss of about 275 jobs on top of 500 it cut in August. Kansas City-based NovaStar, a mortgage lender to consumers with less than perfect credit, said it would close 12 retail loan origination offices. The company [...]

The mortgage industry looks more like a party that ended abruptly when the parents came home a day early, only to discover the children and hundreds of their friends were caught with their pants down. Every day more reports of job cuts and layoffs come to our attention.
EquiFirst, the subprime lending unit [...]

LandAmerica Financial Group Inc., primarily a title insurer, said Tuesday it plans to cut 1,100 jobs in the second-half of 2007 because of a slowdown of the mortgage origination market.
The cuts would slash the company’s payroll by 13 percent from its June 30 level. LandAmerica has already eliminated 1,000 positions since the start of the [...]