Thursday, November 17, 2005

Let the Layoffs Begin

Ameriquest is a major sub-prime lender and it looks like business is slowing down.


[ACC Capital Holdings, the Orange-based parent of Ameriquest Mortgage Corp., is laying off about 10 percent of its staff, or about 1,500 people nationwide, company officials said today.

"The mortgage industry is entering a challenging phase of rising interest rates," ACC Capital said in a statement. "In response to these changing market conditions, the ACC Capital Holdings family of companies is reducing its current workforce by approximately 10 percent. In cyclical industries such as mortgage lending, periodic workforce reductions are not uncommon."]

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