It seems like each morning I look at the newspaper the business headlines are discussing more turmoil in the Mortgage industry. Last week First Magnus Financial closed its doors and laid off most of it's 5,500 employees nationwide. Of those, 700 were employed in the Tucson location, and all of these employees are currently looking for jobs. Each day it seems that another mortgage company has either closed its doors or it's wholesale mortgage unit. Even the heavy hitters are struggling. Just today the Arizona Daily Star reported that the nation's largest mortgage lender, Countrywide Financial, began laying off employees this week. We know that Countrywide has been struggling recently but it seems to be going from bad to worse. As Countrywide tries to survive the rocky credit crunch before the nation, Bank of America Corp made a $2 billion investment in the company to keep them afloat.
Luckily there could be some good news for those employees of First Magnus and other local mortgage companies that lost their jobs. A job fair aimed at unemployed mortgage workers is scheduled for Friday, August 24th at the Sheraton Hotel and Suites. The event is sponsored by Stewart Tile and Trust, the National Association of Professional Mortgage Women and the Southern Arizona Mortgage Lender Association. More then 50 companies will be involved in this job fair, and employees can interview for loan officers, processors, coordinators and underwriters. First Magnus will hold it's own job fair for former employees on Monday, August 27 at the La Paloma Resort and Spa.
It's evident that there is a lot of community support for those employees that have lost their jobs due to the mortgage debacle. Hopefully the majority of those attending the job fair will walk away newly employed!
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