Hand Crushing MoneyMetlife Home Loans is laying off most of their 4,300 employees that are associated with mortgage loan origination and EXITING THE MORTGAGE ORIGINATION BUSINESS ALTOGETHER! The Bloomberg article announcing this is below.

http://www.bloomberg.com/news/2012-01-10/metlife-most-of-4-300-at-mortgage-unit-to-lose-jobs.html

Previously, Bank of America had announced that it was eliminating 30,000 (with 4 zeroes) employees in the next few years. Citigroup Inc., the third-biggest U.S. lender by assets, plans to cut about 4,500 jobs in coming quarters to trim costs amid slumping revenue, CEO Vikram Pandit announced last month

It used to be a safe bet to do business with the larger banks because they were stable. Though many complained about “big bank service”, clients wanted to be able to say that they dealt with a large and stable bank. At a time, that may have meant something. I think it is reasonable to say that that stability is now gone and the mortgage climate is changing. Buyers and Sellers Beware!

No one should sacrifice quality service for the “stability” mirage.

Post By Audeliz Angie Perez (160 Posts)

Angie Perez is a NJ Circle of Excellence award winning real estate agent for Weichert, Realtors in Edison. She sells anywhere from 12-25 houses per year on a consistent basis since 2005. Ms. Perez is primarily a buyer's agent on 60% of her real estate sales where she represents rental income investors, first time home buyers & trade up home buyers of 1-4 family homes within specific towns encompassing 4 NJ counties: Union, Essex, Middlesex and Somerset County. Many of Ms. Perez's clients appreciate her ability to negotiate favorable real estate deals for them. Many of her clients commented that her research abilities, her honesty, her knowledge of local market trends and her proficiency to manage multiple real estate transactions from start to close are some of the reasons why she was hired as their agent of choice. Please call, text or email Angie Perez to ask if she lists or sell in your town. If she can not help you, Ms. Perez would be more than happy to help or refer you to someone who can.

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