Bear Stearns said today it will merge Irvine-based Encore Credit with Bear Stearns Residential Mortgage, eliminating 310 jobs, to reflect current market conditions. It’s unclear how many of the cuts are in Irvine.
In August, the investment bank cut about 100 jobs at Encore, a subprime lender it bought from Irvine’s ECC Capital, and about 140 jobs at Bear Stearns Residential, dubbed Bear Res, in Scottsdale, Ariz.
Jeff Walton serves as chief executive of the combined units and Shabi Asghar, former head of Encore Credit, is president.
Tom Marano, global head of mortgages, rates and foreign exchange, said in a statement, “We have a powerful mortgage franchise and this combination will allow our account executives better access to the full suite of products Bear Res can now offer.”
Marano said Bear will focus on loans it can sell to Fannie Mae and Freddie Mac as well as FHA loans.
“These additions will increase our capabilities and further allow our brokers to select the products that best meet their customers’ needs,” he said.
To read the release CLICK HERE.
why is it always “unclear” how many of the jobs are here?
I’ll take that as an all of them
Who cares “rants”? What a nitpick you are!
Hey, at least they probably did it in a more civilized manner than Lending Tree…