Labor & Economic News Blog

Wednesday, August 22, 2007

Mortgage industry's job cuts surpass 40,000

Mortgage industry's job cuts surpass 40,000
At the North Carolina offices of Atlanta-based mortgage lender HomeBanc Corp., Archie Clark is the only employee left. But in a few days, he'll be gone, too. "It's pretty much a ghost town over there," Clark said. "Somebody went in and took the furniture from the lobby. I don't know who did that. I put some of the other stuff in the back and locked it up." When Clark finishes helping movers from the company's Atlanta headquarters collect computers and other property, he'll join the more than 25,000 workers nationwide who have lost jobs in the financial services industry since the beginning of the month -- with more than half coming since last Friday. With few exceptions, the cuts are the direct result of woes in the nation's housing market.

 



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