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Wells Fargo Slashes More Subprime Jobs, Heads for the Exits


This news hit yesterday in the Associated Press:

Wells Fargo cuts 500 jobs in mortgage unit

Tougher standards means bank will be handling fewer subprime loans

 
Updated: 12:13 p.m. PT March 20, 2007

SAN FRANCISCO - Wells Fargo & Co. is eliminating more than 500 jobs in a division that makes home loans to high-risk borrowers, adding to the economic distress caused by the decaying subprime mortgage market.

Most of the cutbacks, concentrated in South Carolina, Arizona and California, stem from Wells Fargo’s recent decision to make it more difficult for borrowers with blemished credit records to qualify for subprime mortgages.

go to MSNBC to read the rest of this article

 

…following on the heels of this article from Reuters on February 21st:

Wells Fargo cuts 320 subprime mortgage jobs

NEW YORK, Feb 21 (Reuters) - Wells Fargo & Co. (WFC.N: Quote, Profile, Research) said on Wednesday it is cutting 320 subprime mortgage jobs in two operations centers because it is tightening its lending standards to home buyers with poor credit histories.

About 250 jobs are being eliminated in Fort Mill, South Carolina, and 70 in Concord, California, according to a memo from Lynn Greenwood, a senior vice president of communications for the No. 5 U.S. bank’s home and consumer finance group. Wells Fargo is the largest U.S. subprime mortgage lender,

“As a result of changing market conditions — such as moderating house price appreciation — effective Feb. 16 we tightened our credit policy for a portion of our nonprime lending business,” Greenwood wrote. “This decision directly impacts our nonprime loan volume, which in turn impacts staffing levels in the areas devoted to managing these loans.”

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This entry was posted on Wednesday, March 21st, 2007 at 4:55 pm and is filed under Mortgage Programs, Subprime Meltdown. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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