More layoffs in the mortgage industry
Uncategorized October 17th, 2007
Morgan Stanley just announced that they are laying off 300 employees due to the troubles with the housing slowdown. These are good paying jobs that are being eliminated and more importantly, consumer who will not have money to buy houses.
The Orange County Register reports
Mortgage industry miseries mount
Waves of workers now are showing up at the unemployment office as the job market dries up.On paper Ashley Khong looks like a real find – a bachelor’s degree in economics, an MBA, 23 years of solid work experience, most recently as vice president of operations and chief financial officer. In person, he’s personable and engaging, a seemingly good fit for any company.
Yet two months after getting laid off from Evergreen Lending Inc., the Lake Forest resident hasn’t even received a nibble in his job search efforts.
“I’ve never been unemployed before,” says Khong, 45. “I find myself well qualified, but, so far, nothing.”
It’s been a double whammy for Khong, whose wife, Tiffany, 48, also worked at Evergreen and lost her job.
The Khongs are among the growing legions of laid-off mortgage workers in the midst of a major industry shake-out, facing stiff competition for the few remaining jobs.
