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The chief executive of Pontiac-based United Wholesale Mortgage on Tuesday aggressively defended his decision to not do mass layoffs or employee buyouts, even as other lenders are and the U.S. mortgage market continues to cool.
During a morning earnings call about the company’s first quarter results, several Wall Street analysts asked CEO Mat Ishbia, 42, why UWM isn’t trimming headcount to reduce costs at a time when the mortgage industry is contracting as mortgage interest rates rise.
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