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Tag Archives: Neighborhood Assistance Corporation of America

Mortgage Employment Cut in Half in Last Five Years

More than a half million people worked in mortgage lending as of October 2005 -- the highest month on record. Five years later, fewer than half are left. Headcount in real estate finance fell by another thousand during the third quarter of this year, according to industry data released Monday. During the July-September period, 3,216 layoffs were tracked while the number of new hirings fell to 2,286. North Carolina saw the largest net gain during the third quarter, with more than 500 mortgage sector jobs added there.

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Senate Committee Holds Hearing on Robo-Signing

The industry's robo-signing problems were the focus on Capitol Hill Tuesday. Executives from major banks, including BofA and Chase, were on hand at a Senate Banking Committee hearing to defend the validity of their foreclosure actions and detail changes that have been made to ensure the integrity of the process. But lawmakers were hardnosed and unforgiving in their accusations. And the hearing was not without incident. Testimony was interrupted by the CEO of a nonprofit advocacy group yelling for distressed borrowers to get their say.

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