Mortgage lenders cut 86,000 jobs
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U.S. mortgage lenders cut more than 86,000 jobs last year as the housing market deteriorated, data released Monday show.
California was hit hardest by the cuts, with a net loss of 15,933 mortgage positions, or 19% of the nationwide job loss, MortgageDaily.com said.
Calabasas-based Countrywide Financial Corp. made the most cuts, eliminating a net 11,665 jobs. Melville, N.Y.-based American Home Mortgage Investment Corp. cut 6,628 jobs. Tucson-based First Magnus Financial Corp. lost 5,948 positions. Irvine-based New Century Financial Corp. slashed 5,200.
The job losses in 2007 would have been greater had JPMorgan Chase & Co., the third-largest U.S. bank, not added a net 4,465 jobs, MortgageDaily.com said.
Relatively strong lenders such as Wells Fargo & Co. have said they expect to add market share as weaker rivals retrench.
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