ECC Announces Layoffs

ECC Capital Corp., a real estate investment trust based in Irvine, Calif., has announced that it will lay off approximately 170 employees nationwide, representing about 17% of its total work force.The mortgage finance REIT said the annual cost savings from the layoffs and other cost-reduction initiatives will total an estimated $32 million to $35 million. The layoff report comes on the heels of an announcement that four senior ECC executives have offered to take significant reductions in compensation to help the company cut costs. The pay reductions include an agreement by co-founders Steven Holder, chairman and co-chief executive officer, and Shabi Asghar, president and co-CEO, to work without salary or bonus for the next 12 months. The REIT can be found online at http://www.encorecredit.com.