Accredited Home Lenders cuts 80 in

Austin office

Austin Business Journal - 2:52 PM CDT Tuesday, September 4, 2007

Accredited Home Lenders Holding Co. is cutting 80 jobs in the Austin area, according to a notice the company filed with the Texas Workforce Commission.

The San Diego-based subprime mortgage lender confirmed last month that it was planning substantial cuts to its workforce in the wake of credit market crisis. Accredited (NASDAQ: LEND) said at that time that it would close all 60 of its retail branch locations and five retail support locations by Sept. 5, a restructuring plan that would lead to the elimination of about 480 positions companywide.

The company will close its Austin office at 10900 Stonelake Boulevard and will stagger the layoffs over the next four weeks. Most of the eliminated positions are account representatives.

"This was a difficult decision to make and was reached only after the company sought avenues to the necessary capital, which if obtained would have enabled the company to avoid taking such action," Accredited Senior Human Resources Manager Richard Loupee wrote in the letter to the TWC.

The company is also cutting another 52 positions in its Irving office.