Accredited Home Lenders Holding Co. in San Diego said today it stopped accepting loan applications and is eliminating up to 1,600 jobs, or more than half its staff.
The subprime lender will fund loans it has already committed to and will resume wholesale lending if the market improves.
Some points from the release:
• Nearly all of the retail side of the business that includes 60 branches and five centralized retail support locations will be effectively closed as of Sept. 5, impacting approximately 480 positions nationwide.
• Five of the company’s 10 wholesale divisions will be closed effective Sept. 5, leading to a cut of 490 jobs and leaving 340 workers in the division.
• At the San Diego headquarters, 180 jobs will be cut, leaving 220 positions.
• In all, the company will have 1,000 workers left, down from 2,600 as of June 30.
To read the release CLICK HERE.
Lehman just closed BNC mortage down.
Wow. And to think I recently received a job offer from Accredited. Something told me to turn it down. How lucky.
Hi Matt,
Well, I guess people who have plans in getting their home loans in that company will be upset or disappoint. Oh well, in a positive way of thinking, there are still lots of companies who offers this. Thanks for posting this info. Great post!