ECC to Consolidate, Lay Off 440

ECC Capital Corp., a real estate investment trust based in Irvine, Calif., has announced plans to consolidate seven wholesale loan processing centers into three and lay off more than 440 employees.The mortgage REIT said the reorganization, aimed at reducing costs and improving efficiency, will also result in the consolidation of the lending operations of ECC Capital's retail subsidiary, Bravo Credit Corp., into two centers. The three remaining wholesale processing centers will be located in Irvine, Calif., Downers Grove, Ill., and Glen Allen, Va. The layoffs involve 27% of the company's total work force. "In light of present market conditions, we believe it is necessary to make this significant adjustment," said Shabi Asghar, co-chief executive officer and president of ECC Capital. "We regret that these changes will impact so many of ECC Capital's associates and their families. Unfortunately, this action is necessary in order to remain competitive and to improve the operating results of our mortgage banking operations."