Industry News

WMC tightens lending guidelines, lays off 460

No more zero-down loans or credit for borrowers with low FICO scores
Published on Mar 9, 2007

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by CareyBot

WMC Mortgage laid off 460 employees Thursday, and has stopped making zero-down loans or loans to borrowers with FICO scores below 600. A spokeswoman for WMC, Brandie Young, said the affected employees were given “non-working” 60-day layoff notices, meaning they ...