Mortgage Investors Laying Off 380 Workers

Mortgage Investors Corp. of St. Petersburg is laying off 380 workers.

The Tampa Bay Business Journal reports that the company, which is owned by local businessman Bill Edwards, has started the process of handing out pink slips to 260 employees at its Central Avenue office. The rest will receive their notices on Friday, July 26.

The employees losing their jobs are largely loan processors and call center appointment setters.

Edwards stated in a letter that the layoffs are due to rising interest rates and a secondary market for mortgage-backed securities that is "extremely liquid," according to the article. 

Laid-off workers will continue to get pay and benefits for 60 days after their last day of work.