Mortgage madness

Previous Entry | Next Entry
By
Martin Romjue
on November 26, 2007 4:01 PM | | Comments (0) |

FINANCIAL FALLOUT: JPMorgan Chase & Co. will lay off 91 employees at its mortgage operations center in Ontario amid a downturn in the housing market and tighter lending standards.

Company mortgage division spokesman Tom Kelly said Monday that employees and government officials were
notified in October about the cuts, which will take effect before Dec. 31. Kelly said the layoffs in the company’s subprime mortgage staff come as fewer qualified home buyers seek loans.

Kelly said about 40 percent of the subprime mortgages the company originated a year ago would not be approved using the standards employed today. They include larger down payments, more
documentation and better credit.

Leave a comment

About this Entry

This page contains a single entry by Martin Romjue published on November 26, 2007 4:01 PM.

Nissan troubles was the previous entry in this blog.

What's going on with Wall Street? is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 4.21-en

Search

About Biz Waves

Biz Waves is a one-stop Web hub for business news and content from the South Bay region of Los Angeles County and beyond.

The primary contributor is:

Muhammed El-Hasan, a business reporter at the Daily Breeze since 2000, covers aerospace and everything else about business in the South Bay. Muhammed previously reported at the San Bernardino Sun and the community news division of The Orange County Register. He also worked as a researcher in the Jerusalem bureau of the Los Angeles Times in 1996-97. But his career highlight as a young man was driving a forklift at a Gardena company near Hawthorne, where he grew up.

You can email Muhammed at muhammad.el-hasan@dailybreeze.com

Subscribe to RSS feed

Links