From Eyewitness News Conneticut Channel 3:
Conn.-Based Lender Stops Funding New Loans
Employees Leave Office With Boxes In Hand
ROCKY HILL, Conn. -- Hundreds of workers in Rocky Hill left the office of a billion-dollar national company with boxes in hand and tears in their eyes.
Mortgage Lender's Network, headquartered in Middletown, recently stopped funding new loans.
The company is a wholesaler that funds loans set up by local brokers.
Although the company has not publicly commented on how this will affect employees, Channel 3 Eyewitness News reporter Eric Parker said that workers leaving the Rocky Hill office Wednesday said they were told to bring their belongings with them.
"We're not going to get paid. We keep our benefits for two weeks, and we're not going to have a severance package. They're just sending us on our way and saying, 'Take care of your families,'" said MLN employee Melissa Goyette.
Employees of the company told Eyewitness News that the company is closing after losing a large financial backer and the failure of a last-minute bid to raise cash. According to the workers, as many as 700 employees could lose their jobs. The company employs about 1,000 workers.
The company was in the middle of building a new location in Wallingford that was to open later in the year.
Wallingford officials said that they are unsure what the company's announcement means for the future of the new office space.
Mortgage Lender's Network officials did not return Channel 3's calls requesting comment. The state Banking Department said that it heard that the company was struggling, but that it has no indication that the company will close altogether.
The company's workers said they expect to know within two weeks if there's any chance of saving their jobs.
Goyette said that in the next two weeks she's going to "sit and wait and send out my resume."
If you have more information about the company's closure or if your loan was affected by the company's decision to stop funding new loans, e-mail Eyewitness News reporter Eric Parker.
Tuesday, January 02, 2007
Posted by Bakersfield Bubble at 10:40 PM