California Mortgage Layoffs Pile Up in Orange County

The turmoil in the California mortgage industry is beginning to take its toll on Orange County jobs, according to the Orange County Register. It’s hard to get a handle on the actual number because the companies in question are notoriously tight-lipped about job cuts in the ever-turbulent Orange County housing market.

Many don’t report layoffs, despite the fact that state law requires employers with more than 75 workers to notify the Employment Development Department if they lay off more than 50 people in a 30-day period.

But, based on California home loan company announcements and public filings since January 1, the Register has identified at least 17 large or mid-size mortgage companies that have closed, filed bankruptcy or announced mass layoffs here in Orange County.

The total is 3,200 local workers and climbing.

That doesn’t include an unknown number of layoffs by companies like Fremont Investment & Loan, which said “many” of its 2,400 workers would lose their jobs this month when the mortgage lender shut down its subprime operation.

To see our running list of layoffs.

By the way, it’s not all doom and gloom. Some workers have said they are finding other jobs in the industry and the paper has been getting occasional calls from employers looking for people.

So maybe you can help us and other workers. Let your local newspaper know who’s cutting jobs in the mortgage industry… and who’s hiring.

SOURCE: Orange County Register