The layoff ax fell again Thursday in the sub-prime loan industry, with WMC Mortgage in Burbank saying it would eliminate 771 jobs, more than half its workforce that remained after March cuts. WMC, a unit of General Electric Co., said the cuts include closing offices in Costa Mesa, San Ramon, Calif., and Addison, Texas. The 50 people employed at the Costa Mesa office include some salespeople who work from home and will keep their jobs but will report to Burbank, WMC spokeswoman Brandie Young said. Layoffs, closures and bankruptcies have become common over the last year in the sub-prime industry, whose customers have credit dings or too little income or home equity to qualify for cheaper prime mortgages.
See "GE mortgage unit to trim 771 more jobs", E. Scott Reckard, Los Angeles Times, April 19, 2007