The Merrill Lynch-owned First Franklin Financial Corp., San Jose, Calif., has cut an undisclosed number of jobs, a company spokesman has confirmed to MortgageWire.The spokesman for the subprime lender said he could not elaborate much, except to say that "We have adjusted our staffing levels." In the second quarter, First Franklin funded $5.3 billion in loans, ranking second nationwide, according to the Quarterly Data Report. Its second-quarter volume fell 21% compared with that of the same quarter last year.

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