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Layoffs- The fun begins #14409580 07/01/22 01:43 PM
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Zipster Offline OP
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Layoffs

Plano based Mortgage company lays off 75% of staff and files for bankruptcy. This is just the beginning. Tesla laid off 200 of the Autopilots as well. Buckle up!

Re: Layoffs- The fun begins [Re: Zipster] #14409583 07/01/22 01:45 PM
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Happening all over, wonder why? crazy

Re: Layoffs- The fun begins [Re: TexDawg] #14409587 07/01/22 01:49 PM
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Originally Posted by TexDawg
Happening all over, wonder why? crazy

I'll give you 81 million guesses


"If ever time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin." - Samuel Adams
Re: Layoffs- The fun begins [Re: TexDawg] #14409589 07/01/22 01:49 PM
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Originally Posted by TexDawg
Happening all over, wonder why? crazy



yeah good question , seems like last time a radical liberal globalist democrat POS was elected this same thing happened .....hmmm

Re: Layoffs- The fun begins [Re: Zipster] #14409590 07/01/22 01:49 PM
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Re: Layoffs- The fun begins [Re: Zipster] #14409598 07/01/22 01:54 PM
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Happened to me back on May 12. It was the fourth RIF at my former company this year. The mortgage business is in for some rough times.

Last edited by PondFish; 07/01/22 01:55 PM.
Re: Layoffs- The fun begins [Re: Zipster] #14409614 07/01/22 02:06 PM
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This one will be bad. High inflation with job loss is a bad mix.


I was born on a sarcastic Wednesday.
Re: Layoffs- The fun begins [Re: Zipster] #14409617 07/01/22 02:08 PM
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But...no mean tweets!

Re: Layoffs- The fun begins [Re: Zipster] #14409621 07/01/22 02:11 PM
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We’ve had three this year.
We will be having more before the year is over.

Re: Layoffs- The fun begins [Re: Zipster] #14409625 07/01/22 02:17 PM
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I could see this happening in the home loan business. I've had a couple home loans with USAA over the years. Last month was the first time they moved/sold the mortgage to another company. With the interest rates going up, they start losing money on loans that were low interest. Next will come a federal bailout for the mortgage companies like we saw for the Savings and Loan industry in 1989.




Re: Layoffs- The fun begins [Re: Emit R Detsaw] #14409631 07/01/22 02:22 PM
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Originally Posted by Emit R Detsaw
I could see this happening in the home loan business. I've had a couple home loans with USAA over the years. Last month was the first time they moved/sold the mortgage to another company. With the interest rates going up, they start losing money on loans that were low interest. Next will come a federal bailout for the mortgage companies like we saw for the Savings and Loan industry in 1989.


Bail out unemployed or industries and feed inflation. We done spent our way into this and can't buy our way out.


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Re: Layoffs- The fun begins [Re: Zipster] #14409640 07/01/22 02:28 PM
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Not saying my job is immune to it but still concerning. Being in the medical device manufacturing field the "Flatten the curve in 2 weeks" had us on edge as demand dropped to almost zero.

Re: Layoffs- The fun begins [Re: Zipster] #14409650 07/01/22 02:34 PM
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I had not sold anything in a while, but last November we decided to get out of the rental business and sold 5 units. I was surprised at the number of offers we had for a cash sale. A cash sale trumps an offer tied to securing financing every time, in my book. I can see how mortgage companies are feeling the pinch.


You don’t know what pressure is until you play for $5 with only $2 in your pocket….Lee Trevino
Re: Layoffs- The fun begins [Re: Zipster] #14409659 07/01/22 02:50 PM
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In regard to the Plano company, I read it was 80% or 500 employees.I know several people who worked/work there and it stinks. My company has laid off 4000+ employees over the past several months as volume is a little less than half of what it was this time last year. The mortgage industry is really seeing and feeling the pinch right now, but I do not think there will be any kind of govt bailout like we saw in 2008. You will see lots go out of business or sell to larger companies. Over the past decade it was easy money in mortgage and this is why we saw the number of companies explode. This is a mortgage industry thinning of the heard.

Emit you are wrong "With the interest rates going up, they start losing money on loans that were low interest." There is a thing called duration.

FGMC Lays Off Most Staffers

Re: Layoffs- The fun begins [Re: Lon Hagler] #14409663 07/01/22 02:56 PM
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Originally Posted by Lon Hagler
In regard to the Plano company, I read it was 80% or 500 employees.I know several people who worked/work there and it stinks. My company has laid off 4000+ employees over the past several months as volume is a little less than half of what it was this time last year. The mortgage industry is really seeing and feeling the pinch right now, but I do not think there will be any kind of govt bailout like we saw in 2008. You will see lots go out of business or sell to larger companies. Over the past decade it was easy money in mortgage and this is why we saw the number of companies explode. This is a mortgage industry thinning of the heard.

Emit you are wrong "With the interest rates going up, they start losing money on loans that were low interest." There is a thing called duration.

FGMC Lays Off Most Staffers


Then why do they sell off the low interest loans?




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