Bear Stearns cuts mortgage jobs
From Times Wire Services
Bear Stearns Cos., the second-biggest underwriter of U.S. mortgage-backed securities, is cutting 310 jobs from units that originate mortgages after the firm reported the biggest profit decline in more than a decade.
The New York company said it would also merge its Irvine-based Encore Credit and Scottsdale, Ariz.-based Bear Stearns Residential Mortgage divisions. Bear Stearns has cut the mortgage-origination workforce by 40% this year.
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