In a cost-cutting move, Fieldstone Investment Corp. says it is reducing its work force by 125 employees and consolidating its wholesale operations into three offices.The subprime mortgage banking company, based in Columbia, Md., is planning to close six wholesale operating centers along with nine of its smaller retail offices. "In all, Fieldstone expects the operations consolidation and retail branch closings to reduce its work force by approximately 125 persons, or 14% of its work force, and is currently evaluating the size of the home office staff reductions," the publicly traded company said. Fieldstone originated $5.4 billion in mortgages in 2006, but the real estate investment trust reported a $68.4 million loss for the year and is trying to reduce its cost structure. The REIT can be found online at http://www.fieldstoneinvestment.com.
