TheStreet.com reports that Burbank-based WMC Mortgage, a unit of General Electric, laid off most of its workers Monday afternoon, though it didn’t provide a number for the layoffs.
Nat Worden writes:
All loan processors, underwriters and loan officers have left the business. A customer service operator at the lender said it’s still operating with a “skeleton crew.”
“They’re working the pipeline that is here,” said the operator. “They are taking originations, but we’re down to minimal staff levels as of yesterday afternoon.”
GE announced that it was exiting the business over the summer, when the U.S. subprime mortgage fiasco caused a meltdown in the global credit markets.
The conglomerate said in September that it had roughly $1 billion in mortgage assets on its books and it was “aggressively” trying to sell WMC.
To read the full story CLICK HERE.
WMC previously had a Costa Mesa office but I’m not sure if that’s still active. Anyone with knowledge please comment.
GE closed its operation, laid off all employees, and gracefully hand off its assets, and walk away. The longer GE holds on, the worst it gets. Excellent move.