Update: Flagstar Downsizes Retail, Restructuring Wholesale

Flagstar reported its 2008 4th quarter and annual earnings in a 10-K Filing on March 13, 2009 reporting a $254.7 million net loss for the year. That same day, we're told an estimated 700-900 Retail employees were let go and an unknown number of loan centers and net branches were shut down. We were told this amounts to 70% of that business channel.