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PIMCO-backed FGMC lays off most staffers

Mortgage lender First Guaranty Mortgage Corporation cut about 80% of its workforce on Friday and has stopped accepting new mortgage applications, HousingWire has learned. Former employees said the lender has “essentially shuttered.”

According to two former FGMC employees, the company on Friday laid off around 500 employees without severance payment, meaning only 100 staffers remain. 

“They are not accepting new loan applications, so that probably means they are getting ready to close up the whole thing,” an employee who was affected by the layoff told HousingWire.   

The investment management firm PIMCO bought a sizable stake in details ⇒

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