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Posted by  Charles_Ca on 9/4/07 1:13pm
Maybe all these title and lending people being laid off can become NSA's, I'm surprised that NNA isn't doing the out-placement counselling.
NEW YORK (Reuters) - Fallout from the housing slump on mortgage and real estate companies deepened on Tuesday, as title insurer First American Corp (FAF.N) and subprime lender NovaStar Financial Inc (NFI.N) announced job cuts and NovaStar's auditor expressed doubt that the company will survive.
First American, the largest U.S. provider of insurance to protect homeowners against property claims, said it will cut 1,300 jobs, on top of 600 cuts announced in the second quarter, citing "rapidly changing economic conditions."
The Santa Ana, California-based company said it may move some jobs to other countries. It ended 2006 with 39,670 employees. LandAmerica Financial Group Inc (LFG.N), the third-largest title insurer, last Tuesday announced 1,100 job cuts.
NovaStar will cut 275 of 400 retail lending jobs, has canceled a rights offering intended to raise $101.2 million, and will explore "strategic alternatives" for its servicing business, including a partnership with another company. It stopped making home loans through brokers on August 17. It expects to employ 600 people overall after the cuts.
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