Dodd-Frank Claims 4,300+ Jobs at Top Firm

By  |  January 23, 2012
 | 

Based on recent reports, the Dodd-Frank Act has eliminated 4,300 jobs this month and contributed to fewer consumer choices, according to a report by Credit Newsline.

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    Earlier this month, MetLife announced that it would be shutting down its mortgage unit, which employs 4,300 people – many of which will lose their jobs. OpenMarket.org estimates the loss at $90 million.

    The Dodd-Frank Act enforces heavy restrictions on mortgage companies, requiring that they seek a buyer to avoid oversight. Due to the heightened risk, big banks such as Wells Fargo or Bank of America are reluctant to acquire additional mortgage units.

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