Jobs go as liquidity crisis hits Mortgages plc
QUOTE
When Mortgages plc was launched in 1998, it focused on sub-prime business, but it has since moved into more mainstream lending and other specialist sectors such as buy-to-let. It was bought by Merrill Lynch in 2004.
A source close to Mortgages plc said: "It has been cutting staff numbers since last July, and now its entire senior management and sales and marketing teams have gone. "Merrill Lynch must be evaluating its long-term strategy for Mortgages plc at the moment. It could possibly dispose of all its assets or turn it into a mortgage service company managing loan books for other lenders."
A source close to Mortgages plc said: "It has been cutting staff numbers since last July, and now its entire senior management and sales and marketing teams have gone. "Merrill Lynch must be evaluating its long-term strategy for Mortgages plc at the moment. It could possibly dispose of all its assets or turn it into a mortgage service company managing loan books for other lenders."
Was going to post this on the main forum but it's dead in this sub-forum and it's a local story anyway with only a couple of hundred jobs gone. Not quite on a par with Norwich Union but still a good indicator of the credit crunch feeding through into job losses and a further crunch on buy-to-let and lax lending. Does anyone know the company? It's the start of many such redundancies in the
* Nothing will induce me to pay money for that property-ramping newspaper: I have my principles...
