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Layoffs- The fun begins
#14409580
07/01/22 01:43 PM
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Joined: Apr 2010
Posts: 3,471
Zipster
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: Apr 2010
Posts: 3,471 |
LayoffsPlano 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!
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Re: Layoffs- The fun begins
[Re: Zipster]
#14409583
07/01/22 01:45 PM
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Joined: Jan 2005
Posts: 120,022
TexDawg
Top Dawg
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Top Dawg
Joined: Jan 2005
Posts: 120,022 |
Happening all over, wonder why?
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Re: Layoffs- The fun begins
[Re: TexDawg]
#14409587
07/01/22 01:49 PM
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Joined: May 2009
Posts: 10,358
Texan Til I Die
TFF Guru
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TFF Guru
Joined: May 2009
Posts: 10,358 |
Happening all over, wonder why? 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
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Re: Layoffs- The fun begins
[Re: TexDawg]
#14409589
07/01/22 01:49 PM
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Joined: May 2004
Posts: 13,654
Tiltman
TFF Guru
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TFF Guru
Joined: May 2004
Posts: 13,654 |
Happening all over, wonder why? yeah good question , seems like last time a radical liberal globalist democrat POS was elected this same thing happened .....hmmm
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Re: Layoffs- The fun begins
[Re: Zipster]
#14409590
07/01/22 01:49 PM
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Joined: Apr 2010
Posts: 3,471
Zipster
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: Apr 2010
Posts: 3,471 |
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Re: Layoffs- The fun begins
[Re: Zipster]
#14409598
07/01/22 01:54 PM
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Joined: May 2014
Posts: 5,667
PondFish
TFF Celebrity
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TFF Celebrity
Joined: May 2014
Posts: 5,667 |
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.
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Re: Layoffs- The fun begins
[Re: Zipster]
#14409614
07/01/22 02:06 PM
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Joined: Oct 2005
Posts: 85,964
John175☮
MACHO MAN
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MACHO MAN
Joined: Oct 2005
Posts: 85,964 |
This one will be bad. High inflation with job loss is a bad mix.
“Do not pray for easier lives. Pray to be stronger men.” -JFK
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Re: Layoffs- The fun begins
[Re: Zipster]
#14409617
07/01/22 02:08 PM
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Joined: Aug 2001
Posts: 11,708
Razorback
TFF Guru
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TFF Guru
Joined: Aug 2001
Posts: 11,708 |
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Re: Layoffs- The fun begins
[Re: Zipster]
#14409621
07/01/22 02:11 PM
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Joined: Dec 2007
Posts: 14,600
bloo_rainger
TFF Guru
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TFF Guru
Joined: Dec 2007
Posts: 14,600 |
We’ve had three this year. We will be having more before the year is over.
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Re: Layoffs- The fun begins
[Re: Zipster]
#14409625
07/01/22 02:17 PM
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Joined: Jan 2010
Posts: 19,897
Emit R Detsaw
TFF Guru
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TFF Guru
Joined: Jan 2010
Posts: 19,897 |
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.
May you be treated the way you treat other people, today and everyday!
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Re: Layoffs- The fun begins
[Re: Emit R Detsaw]
#14409631
07/01/22 02:22 PM
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Joined: Oct 2005
Posts: 85,964
John175☮
MACHO MAN
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MACHO MAN
Joined: Oct 2005
Posts: 85,964 |
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.
“Do not pray for easier lives. Pray to be stronger men.” -JFK
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Re: Layoffs- The fun begins
[Re: Zipster]
#14409640
07/01/22 02:28 PM
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Joined: Apr 2017
Posts: 12,312
tmd11111
TFF Guru
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TFF Guru
Joined: Apr 2017
Posts: 12,312 |
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.
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Re: Layoffs- The fun begins
[Re: Zipster]
#14409650
07/01/22 02:34 PM
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Joined: Jun 2003
Posts: 31,337
HasBen
TFF Guru
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TFF Guru
Joined: Jun 2003
Posts: 31,337 |
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.
“There’s no such thing as too much horsepower, just not enough traction”…..Carroll Shelby
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Re: Layoffs- The fun begins
[Re: Zipster]
#14409659
07/01/22 02:50 PM
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Joined: Nov 2018
Posts: 704
Lon Hagler
Pro Angler
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Pro Angler
Joined: Nov 2018
Posts: 704 |
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
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Re: Layoffs- The fun begins
[Re: Lon Hagler]
#14409663
07/01/22 02:56 PM
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Joined: Jan 2010
Posts: 19,897
Emit R Detsaw
TFF Guru
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TFF Guru
Joined: Jan 2010
Posts: 19,897 |
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 StaffersThen why do they sell off the low interest loans?
May you be treated the way you treat other people, today and everyday!
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