Last week, our very. favorite. whipping post, Ameriquest Mortgage, who recently coughed up $325 Million to states that sued them over their shady practices, announced it will lay off 1500, or 10% of its workforce.
Unfortunately, we suspect this is as much a sign of the contraction we expect to see in the mortgage industry as a whole, rather than people finally catching on to Ameriquest’s phony hustle and walking away in droves. Ameriquest says as much to the LA Times:
The mortgage Industry is entering a more challenging phase of rising interest rates," the company said in a statement. "In cyclical industries such as mortgage lending, periodic workforce reductions are not uncommon"
ยท Ameriquest Mortgage to Cut 1500 Workers [latimes.com]
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