More Mortgage Industry Layoff in the Charlotte Area (Raleigh, Durham: lender, home)

[DUKE1989]

Today HSBC announced a restructuring of of its mortgage operations which will result in the closure of the Fort Mill, SC operations just out side the city of Charlotte, NC. The number of jobs cut was not mentioned.

Quote from attached article:
HSBC is the latest Charlotte-area lender to suffer in the subprime lending downturn. Ameritrust Mortgage Co. and Wells Fargo Home Mortgage have downsized operations recently, and EquiFirst Corp. was bought this week by London's Barclays Bank Plc at a significant discount from the originally announced purchase price. California-based New Century Financial Corp. also laid off less than 10 area employees as part of Monday's Chapter 11 bankruptcy filing, the company said.

The article does not mention it but Fremont General Finance was hit a while back not sure of the numbers. Also, Bank of America and Wachovia had several layoffs recently. I guess Charlotte is not so different from other areas of the Country.

FORT MILL, S.C., OFFICE
HSBC shakeup
affects area jobs
Mortgage company dealing in subprime market shuts branches
http://www.charlotteobserver.com/123/story/74944.html (broken link)

[CharlotteAgent]

What part of BoA and Wachovia did the layoffs? Make sure your not making a generalization.

[Keith "Baby-Face" Lutz]

What goes up must come down! It's all about cycles. The fact remains people still need a mortgage, they just hopefully are not handing them out as easily now! People (including myself) could not afford to sustain a life (lifestyle) up north with all the taxes and corrupt politicians. That is why I have made a conscience choice to get involved down here. I don't want the same thing to happen here that happened up north. I am thankful for a beautiful place like Charlotte to now call home, and all the people (even the DUKE's of the message board!), for keeping it real, and swatting the ROSE-COLORED GLASSES off sometimes. (Although, some lines should not be crossed!)

[kmway]

Hey everyone:

Just as the poster said above: it's all about cycles. The whole nation is experiencing change, but SOME posters can't grasp that. Also not being grasped is that we are doing OK here despite the nationwide dips!

- From Forbes, today:

"But one part of the country consistently manages to produce strong economic growth and still keep costs down. For the second straight year, the Southeast placed five metros in the Top 10 of our Best Places for Business and Careers."
This list includes in the Top Thirty: Raleigh #1, Durham #7, Charlotte, #21 IN THE NATION

New jobs:
- Dole to open new Gaston Co. plant and to hire 350 people.
http://home.businesswire.com/portal/...80&newsLang=en

- Convergys Corp is bringing it's HR and corporate care business here, creating 400 jobs.

- SPX is bringing 35 jobs to Monroe with a facility expansion.

Sorry, 785 jobs was all that I could find announced this week.

Are they all banking jobs? High-tech? No. But jobs keep the economy rolling, nonetheless.

BTW, my friend works at B of A and her roomate is a recuiter. She just got orders for 55 placements today that she needs to fill at B of A.

[berryjuice4life]

Yes I agree Keith very well said and I must add WACHOVIA IS hiring for their mortgage division....so I wouldnt make generalizations...I agree with Char agent as well....

Kmay Wachovia also, there are so many jobs it just isnt even funny...dh's friend is a recruiter for wachovia...

[flyingscotsman]

Just a side note on mortgages.

I am approved for my mortgage with a the builders finanical co., they actually offered a reasonable deal or so I discovered today, I contacted several companies today, not one off them could beat the offering I already have.
They came close I am going for 30 Year fixed with 5% down, the total monthly payment ranged within $125 and my closing costs ranged approx $2500 in variations.

[BrianH1970]

Wachovia hiring for their mortgage division is a total laugh. They're going to lay off about 4,000 people and cut a billion dollars in salary between Winston Salem and Charlotte later this year as a part of their outsourcing to India program. A lot of the people that they're hiring now are for positions that will be going out west to their California office as a part of the Golden West merger. And they most likely won't be done with their outsourcing until sometime in 2008, so there's probably going to be even more after this round.

[BrianH1970]

And just to back up my previous post about Wachovia...

http://www.journalnow.com/servlet/Sa...=1037645507703

[CharlotteAgent]

I am hearing that its not working as well as first planned and maybe snubbed. This is from a pretty reliable source that I prefer not name on a public board.

It is there and is happening but I am learning while some work is being outsourced it is creating new postions within the ranks from previously overworked employees.

[BrianH1970]

Originally Posted by CharlotteAgent

I am hearing that its not working as well as first planned and maybe snubbed. This is from a pretty reliable source that I prefer not name on a public board.

It is there and is happening but I am learning while some work is being outsourced it is creating new postions within the ranks from previously overworked employees.

I work for Wachovia and trust me...if it's creating new positions it's creating them out west and NOT here. As far as the Genpact outsouring thing goes they were in my building as recently as yesterday. The processing units below me are already showing signs of taking the exit as well. You may be in the know but I'm in the know as well. All the signs are there...4,000 jobs are GOING to go before the end of 2007. They're going to be paying those folks in India 6,000 dollars a year with no medical benefits. They're going to make it work. Once that outsourcing ball starts to roll....