If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
The Monterrey Herald reports that Wells Fargo is laying off 444 employees from their subprime division. (hat tip: The Home Equity Theft Reporter)
These layoff include the shuttering of the Concord, CA Subprime correspondent lending division. I know this because our account with Wells was serviced from that office, which is no longer operating.
From the article:
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.
The tougher lending standards means Wells Fargo will be handling fewer subprime mortgages, reducing the need for as much staffing, said a statement issued late Monday by the San Francisco-based bank.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
Related posts:
Loading ...