Tuesday, August 21, 2007

And Now For Some More Bad News.... Ready?

From SF Gate.com

Capital One Financial Corp. said Monday that it will cut 1,900 jobs - including 500 in Marin County - and shutter its wholesale mortgage banking business, a move that comes as lenders continue to struggle in the nation's housing and credit markets.

Capital One said it will shut Novato's GreenPoint Mortgage and eliminate most jobs by the end of year. The McLean, Va., company will close 31 GreenPoint locations in 19 states and "cease residential mortgage origination" effective immediately but said it will honor commitments to customers with locked rates who have loans already in the pipeline.

In other developments Monday:

-- Thornburg Mortgage Inc., the jumbo-mortgage specialist that stopped taking loan applications last week, sold $20.5 billion of securities at a discount to pay down debt it couldn't refinance.

-- San Francisco's Luminent Mortgage Capital Inc. agreed to sell a majority stake for pennies on the dollar in a bid to survive.

-- Countrywide Financial Corp., the nation's largest mortgage lender, said it had eliminated 500 jobs as it tries to ride out a liquidity crisis.
And now for the bad news..... Word is this is just the tip of the iceberg folks.

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