"My employer furloughed 34 employees today."

Date: Mon, Apr 6, 2020 10:11 pm

A Reader Writes:

"My employer furloughed 34 employees today."

All furloughed employees were in the corporate office in Philadelphia.

My employer is the largest non-bank provider of second mortgages in the United States. Up until a month ago we were breaking dollar volume and unit volume records month over month.

Two of the company's investors on the second mortgage side have backed out. Plus underwriting guidelines have been tightened considerably due to the fears of the remaining investors. So, this is a one - two whammy for us.

We only had approximately 120 employees before the furlough.

So, the number furloughed is about 28 percent of the total number of employees.

This percentage exceeds the Depression era unemployment level.

This is insane!

I am secure for now, but I could be furloughed as soon as tomorrow. I have no idea.

Trump needs to get out of the Oval Office, and get out to the streets of this country. Folks are hurting, big time.

I can survive for at least 6 months with no income, but I have no debt of any kind.

No mortgage.

No car payment.

No credit card bills.

But I am an outlier.