I see giving Ukraine global homos over 60 BILLION has paid off for Americans. lol
PIMCO-backed FGMC lays off most staffers Non-QM player is no longer accepting mortgage applications, sources say
June 24, 2022, 4:08 pm By Flávia Furlan Nunes Share On Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to email a link to a friend (Opens in new window)Click to share on LinkedIn (Opens in new window) Mortgage lender First Guaranty Mortgage Corporation cut about 80% of its workforce on Friday and has stopped accepting new mortgage applications, HousingWire has learned. Former employees said the lender has “essentially shuttered.”
According to two former FGMC employees, the company on Friday laid off around 500 employees without severance payment, meaning only 100 staffers remain.
“They are not accepting new loan applications, so that probably means they are getting ready to close up the whole thing,” an employee who was affected by the layoff told HousingWire.
The investment management firm PIMCO bought a sizable stake in the mortgage lender in 2015 and initiated layoffs and management changes in 2018, another tough year for the mortgage industry.
