Equifirst Layoffs in Charlotte

August 29, 2007 No Comments »

It’s been reported that Equifirst laid off as many as 430 employees if not more at its company headquarters in Charlotte, North Carolina Tuesday, according to local affiliate News 14.

According to a local news report, security guards stood at the entrance of the building as scores of employees carried out boxes filled with personal belongings.

Although Equifirst didn’t have a formal announcement regarding the layoffs, company spokesperson Jennifer Sharpe said in an interview with Reuters that the layoffs would ensure that the company survives the malaise.

It’s clear that the demand for subprime has dipped tremendously in recent weeks and months as secondary market investors continue to snub mortgage-backed securities, making the layoffs a necessary evil to keep the company afloat.

A quick gander at the Equifirst ratesheets and I see that they still offer loan programs with credit scores as low as 520, with previous mortgage lates and recent foreclosure history.

It looks like the mortgage lender still actively engages in subprime, Alt-A, and jumbo lending which is quite a risk at the moment.

The Equifirst company slogan is “Non-Conforming Results”, which these days seem to be more synonymous with mortgage layoffs than anything else.

Earlier this year Equifirst was bought out by British banking giant Barclays Bank PLC.

Update: EquiFirst Corp. is laying off 161 employees by Oct 26 in Phoenix, AZ.

Leave A Response