NMN: First NLC Cuts More Jobs

From National Mortgage News this afternoon (subscription highly recommended):

Subprime lender First NLC Financial Services, Boca Raton, Fla., laid off hundreds of workers on Aug. 1, according to industry sources. At deadline time, company chief executive/chairman Neal Henschel could not be reached for comment … One executive called the layoffs “massive.” A source inside the firm confirmed the job cuts to MortgageWire but said he could not offer up a number. “We’re still funding loans,” he added …

Last week, Friedman, Billings, Ramsey Group, Inc. said that it will sell most of First NLC to an affiliate of Sun Capital Partners in a recapitalization deal that will leave FBR with a 20% stake in the subprime lender.

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