Secrets of the Job Hunt


Monday, August 27, 2007

Greenpoint Aids Exes in Dallas Job Search

It's no secret that the housing market isn't fairing well at this time. Understandably, this is beginning to cause problems for those in the fields associated with the buying and selling of property.

Recently Capital One announced that they would be closing their wholesale mortgage-origination unit, GreenPoint. Overall, almost 2,000 positions will be eliminated before the end of the year. With 30 offices throughout the country, this news will effect individuals in many different cities. There will be an eventual loss of 125 Dallas jobs alone, a vast majority of which will occur before December, according to a company spokeswoman. A small number of these individuals will remain for a while longer to aid in transition.

GreenPoint employees have been given a 60 day notice, which will hopefully assist in diminishing the number of Dallas area individuals who will be claiming unemployment benefits. GreenPoint will also be offering severance packages and retraining assistance to all full-time employees effected by the companies closing to help then find jobs in Dallas or other areas.

The company's CEO, Rich Fairbank, said the company's closing was necessary due to the fact that “investors' demand for these mortgages has diminished and, to the extent that there is demand, pricing has decreased.” He went on to say that “while GreenPoint does have limited 'forward flow' arrangements committing certain buyers to purchase a portion of GreenPoint's future production for a period of time, these arrangements are insufficient to support the business in light of current market conditions.

For those who will soon lose their jobs at the Dallas branch of GreenPoint, finding a new position as quickly as possible is extremely important. Although severance packages and a 60 day notice may assist in cushioning the blow, one should focus on getting their resume in to a decent number of companies as quickly as possible. In many instances, HR departments can take some time before beginning to line up interviews. By starting now, one have less down time between employers. This will also allow one more time to consider their options so that they are more likely to acquire a higher quality job.

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