You know that mortgage lenders, investors, and big commercial banks are singing the mortgage blues when they are afraid to discuss layoffs that have been taking place throughout the industry. Who can blame them in this time of speculation and conjecture? Something as small as 500 layoffs in a huge company is a major concern for those getting laid off but minor for the company. Today it may be different, as market agitators tend to grab on to any news, putting a spin on it to suit conditions. We know of layoffs in two locations.
The problem is that our input came from insiders. Even though the layoffs were in two different locations effecting about 500 people at each, we hesitate to report it until we get confirmation. Nobody is talking, except the people who are now unemployed. Allow me to say that common sense tells us that layoffs are happening. Layoffs that make the news are major layoffs, like when a company closes the doors and sends 7000 people into the streets. Otherwise it is done quietly to keep the news away from the spin-doctors.