Subprime wholesaler Option One Mortgage Corp., Irvine, Calif., says it will trim 575 additional jobs, incurring expense charges of $19 million.Back in May the H&R Block-owned Option One said it would close 12 mortgage processing offices and trim 615 workers by early September. The new job cuts are in addition to those revealed in May. Option One is slated for sale to Cerberus Capital, a hedge fund that also controls GMAC Mortgage, but there are doubts in the industry whether the deal will occur. Cerberus recently threw its subprime operation, Aegis Mortgage, into bankruptcy.
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