Cutting Jobs

WMC Mortgage, the subprime arm of General Electric, is laying off 20% of its workforce because the company is realligning its resources "to be consistent with today's changing mortgage industry."

Is it even worth repeating the other reason? "Slowing home sales, higher funding costs and rising delinquencies have pushed more than 20 subprime mortgage lenders to scale back their operations over the past two months."

Here's the full article (it's a short one). http://www.forbes.com/feeds/ap/2007/03/09/ap3503562.html