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Saxon Mortgage Laying Off 140 In Bay Area

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By DAVE SIMANOFF | The Tampa Tribune

Published: February 25, 2008

TAMPA -- Saxon Mortgage is laying off 140 workers in the Tampa Bay area, according to documents the company filed today under the state's Worker Adjustment and Retraining Notification Act.

News of the layoffs in Tampa comes less than two weeks after Morgan Stanley, Saxon's parent company, announced it was paring back its mortgage operations and cutting 1,000 jobs in the United States and the United Kingdom. At that time, Morgan Stanley officials said they couldn't disclose where the layoffs would take place.

"Given the continued dislocation in the mortgage markets, we have restructured our residential mortgage business to ensure we are appropriately positioned for the environment going forward," Anthony Meola, chief operating officer of Morgan Stanley's residential lending business in the United States, said in a statement a week and a half ago. The company said it will continue to service existing loans in this country and offer residential loans through its Morgan Stanley Credit Corp.

In its Worker Adjustment and Retraining Notice filing, Saxon says it began laying off workers Feb. 13 – the day Morgan Stanley made its announcement. Layoffs will continue through Thursday, according to the filing.

A Morgan Stanley spokeswoman said this afternoon that she couldn't comment on the Saxon cuts, and she didn't know what kind of severance pay and benefits workers there may receive. The company doesn't discuss details regarding layoffs, she explained.

Reporter Dave Simanoff can be reached at (813) 259-7762 or dsimanoff@tampatrib.com.

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