Read the news it was great compared to the other mortage companys putting out news. Delta Financial Eliminates 300 Jobs
Wednesday August 22, 1:14 pm ET
Delta Financial Eliminates 300 Jobs, Citing Credit Market Deterioration
WOODBURY, N.Y. (AP) -- Mortgage lender Delta Financial Corp. said Wednesday it has cut 300 jobs to cope with an expected slowdown in loan production resulting from the deterioration of the credit and housing markets.
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DFC great news
The cuts reduce the company's work force by about 20 percent. Delta Financial said most of the cuts result from the closing of satellite wholesale offices in Florida, Texas, and California. The lender is also eliminating some positions involved in the originations process.
Many mortgage lenders like Delta are struggling to survive as home prices continue to fall, defaults on certain types of loans increase and the secondary market for mortgages is scaled back significantly.
"The rapid deterioration of the credit markets has caused issues in our sector that are beyond our control," said President and Chief Executive Hugh Miller in a statement. "As we continue to make the necessary rate increases and program cuts in order to address the changing business environment, the result in the near term is a likely reduction in loan production."
I'll tell you Cman, I admire the brass it took to get in these guys, and the mortgage sector as a whole. Well played, I hope you pocket a ton or two. I was too gun shy and coming out of the real estate world a tad prejudiced against the sector. Emotion beat brains in my case and I lost out. A lesson for sure.
Learned a long time ago to buy when there is blood on the street and no one else wants any. These are just trades for a day or more as some of these companys will go under. Watch HCM imo it could have a big run like some of the others and DFC that news yesterday was good imo, matter of time before it runs too. Good luck and trade these mortage stocks.
Nice little gain, but what is going to happen when a sell order for 2k gets posted? I ask myself this because I have been in these low volume stocks and selling 1 to 5 thousand shares is a bit tricky. Scaling out chews up precious pennies with comission and fees.
How do you do it?
I ask for educational purposes...I don't trade anything with less than 750k average 30 day volume.