Investor's Business Daily, November 30, 2007
When Credit Traumas Have Workers Down in the Dumps
 

Managers are finding that workers whose fortunes rose with the housing boom face daunting mortgage payments and foreclosure risks now that the bubble has burst. Those problems aren’t staying in the home, experts say. Instead, mortgage-related issues are ratcheting up stress levels and puncturing the performance of employees already stretched thin by money problems. With credit woes continuing, analysts say employers can expect more workers to suffer from financial burdens.

Companies that provide third-party help for general employee concerns – called employee assistance program providers – report a growing number of calls from workers concerned about mortgages and falling home prices.

ComPsych, an employee assistance program provider, has seen the number of mortgage-related calls double in the third quarter from the year-ago period. They now make up 20 percent of all calls related to finances. “We’ve seen a huge increase in the number of calls coming into our service centers from people who have mortgage-related situations or are on the verge of losing their homes,” said Richard Chaifetz, chief executive.