American Home Mortgage to layoff 6,000-plus workers
August 3rd, 2007
Well, today is the last day at work for many at American Home Mortgage Investment Corp. in Melville, N.Y. The lender said yesterday it stopped taking mortgage applications and would reduce staff nationwide from 7,000 to 750, starting today.
The company is unable to fund $750 million of mortgages after investment bankers cut off its credit, reports Bloomberg. It’s the first large lender to people with good credit to fail this year.
One silver lining: Newsday has a story out today that another lender is trying to recruit some of the laid-off workers.
Here’s a clip:
On Thursday, the very day the Melville-based real estate investment trust told its employee that almost all of the company was closing and thousand of workers were losing their jobs, employees of Franklin First Financial were putting job recruitment fliers under the windshield wipers of cars in the American Home parking lot.
“If you’ve got the gift of gab, use your talent to become our next sales superstar!” the flier from the mortgage banker and broker says.
Michael Martin, director of human resources and a senior mortgage banker at the Franklin First location in Syosset says he want to hire 40 loan officers. “I have only heard good things about [American Home] employees,” Martin says.
And the 300 fliers employees distributed have generated a lot of interest, he says. By the time they got back to the office, Martin said he had about 25 e-mailed resumes and an additional 20 e-mail and telephone inquiries.
Well, today is the last day at work for many at American Home Mortgage Investment Corp. in Melville, N.Y. The lender said yesterday it stopped taking mortgage applications and would reduce staff nationwide from 7,000 to 750, starting today.
The company is unable to fund $750 million of mortgages after investment bankers cut off its credit, reports Bloomberg. It’s the first large lender to people with good credit to fail this year.
One silver lining: Newsday has a story out today that another lender is trying to recruit some of the laid-off workers.
Here’s a clip:
On Thursday, the very day the Melville-based real estate investment trust told its employee that almost all of the company was closing and thousand of workers were losing their jobs, employees of Franklin First Financial were putting job recruitment fliers under the windshield wipers of cars in the American Home parking lot.
“If you’ve got the gift of gab, use your talent to become our next sales superstar!” the flier from the mortgage banker and broker says.
Michael Martin, director of human resources and a senior mortgage banker at the Franklin First location in Syosset says he want to hire 40 loan officers. “I have only heard good things about [American Home] employees,” Martin says.
And the 300 fliers employees distributed have generated a lot of interest, he says. By the time they got back to the office, Martin said he had about 25 e-mailed resumes and an additional 20 e-mail and telephone inquiries.
Labels: American Home Mortgage, layoffs, Melville, New York
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