Accredited Confirms Layoffs

Subprime lender Accredited Home Lenders of San Diego has laid off an undisclosed number of workers, MortgageWire has learned. A spokesman for the company confirmed the cutbacks, noting that, "The restructure was done in order to maintain Accredited's financial position in the marketplace and improve the company's long-term prospects by realizing efficiencies." He declined to comment further. According to a posting on the BrokerUniverse website (an affiliate of National Mortgage News), Accredited closed operation centers in Orange, Calif.; Beaverton, Ore.; St. Petersburg, Fla.; and Woodcliff Lake, N.J. However, the information could not be confirmed and the spokesman would not comment. Last fall Accredited, once a top-ranked publicly traded subprime lender, was sold to Lone Star, a private equity fund.