Kondaur Capital Corp., an Irvine, Calif.-based mortgage vulture fund, recently laid off 44 asset managers as part of what the company calls a purging of "underperforming" personnel. Company CEO Jon Daurio said the mortgage investor laid off the workers on March 5, but then on Monday, March 8, hired eight new asset managers, bringing its total AM staff to 160. He downplayed the layoffs, adding that it's the "normal course" of business to let go asset managers that do not perform well. "We normally let 10 to 15 people go a month." Competitors in the mortgage space took notice of the cutbacks, and at least two firms located in the same vicinity received inquiries from some of those who were let go.
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