Plano, Texas-based First Guaranty Mortgage, a full-service residential mortgage operation that originates, purchases, sells, and services mortgage and home improvement loans, has executed a dramatic reduction in force. The company is essentially closed for new business as they work out a solution to the current crisis.
The layoffs impacted a majority of the workforce and 428 of its 565 employees in its Plano, Texas office were pink-slipped.
According to a company statement, "The layoffs were caused by significant operating losses and cash flow challenges due to unforeseen historical adverse market conditions for the mortgage lending industry, including unanticipated market volatility. Recent efforts to obtain funding that could have prevented the layoff have been unsuccessful.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?