MetLife cuts 860 jobs in Texas

MetLife announced it would lay off 860 employees in its Irving, Texas office.

Those who worked inside of the MetLife Home Loans office in Irving said the company was trying to sell their home loans division to another company.

"There were 40 buyers and then they dwindled it down to six and then there was one buyer who was really interested, put a bid in, and from what I understood, that we were bought out a couple of days ago," said Giada Stride, a contractor for MetLife.

Then the news came out Wednesday night that MetLife would lay off 860 of the 1,400 employees from the Irving office.

"Out of nowhere, we get a call yesterday and it all fell through," said Stride.  "MetLife has really good loans, so I'm really shocked that the deal fell through."

A spokesman for MetLife said they would no longer offer to consumers what they called their "forward mortgage" sales, which he described as traditional mortgages.  The spokesman said they would still service current mortgages and would still sell reverse mortgages.

He said the Irving office was not completely shutting down, the employees that would be laid off would get 60 days notice, a severance package and could apply for other jobs in the company.

It was a decision that the mayor of Irving said was a wakeup call.

"We were surprised to get that notice obviously, but considering the type of industry and the economy right now, we weren't really shocked," said Mayor Beth Van Duyne.

Van Duyne said despite what happened at MetLife and the current state of the economy, she wasn't stopping from making Irving a good place to do business.

"The city of Irving is very aggressive in trying to pursue business opportunities, to relocate businesses here in the city as well as to retain those that we have," said Van Duyne.

Stride said leaving her full time job at another company for her contract job might have been a mistake.

"I was only here a couple of months before so I was kind of upset.  I felt like I regretted my decision to leave Fannie Mae just because this really came out of nowhere," said Stride.

Source: The 33 TV