Mortgage Industry News: More Job Cuts in Texas (770 nationwide)

[UpInArms]

Source: DSM News

Two companies related to the mortgage banking industry announced hundreds of layoffs that will take effect in the Lone Star state this year, according to letters filed with the Texas Workforce Commission.

In a letter sent by Burbank, California-based WMC Mortgage, a subsidiary of the GEMoney Bank unit, the company said it's closing a facility in Addison, Texas, near Dallas, and cutting approximately 185 positions. The action, which takes effect on June 18, 2007, coincided with last week's company announcement in which WMC Mortgage confirmed 770 job cuts nationwide.

Meanwhile, Cleveland, Ohio-based KeyCorp, a nationwide financial services company that provides investment banking products, announced the closing of an office in Houston, which will potentially lead to 164 job cuts. In the company's filing with the Texas Workforce Commission, executive leadership said, “KeyCorp is implementing certain strategic actions to improve its productivity and operating efficiency.”

Read more: http://www.dsnews.com/view_story.cfm?id=1071