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Friday, July 18, 2008

Mortgage Crisis Hits Home

And it's more bad news for Oxford.

Reliable sources tell me that FNC, Inc., a local company that is tied directly into the mortgage industry, is in the process of laying off roughly 10% (maybe more) of its workforce. Bad news for the job market in Oxford (and elsewhere), but really just par for the current course in the industry.

Sad. For the folks who are now unemployed, for the company, and the town. FNC was one of the "new Oxford" success stories, and became one of the better-paying employers here. With any luck, they'll survive their current troubles, and these will be the last of the layoffs. But that all depends on the mortgage market.

More as it develops.

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