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| Economy |
| Wells Fargo to lay off 1,800 mortgage employees |
| 2013-09-20 |
| [MYFOXNY] Wells Fargo & Co. says it plans to lay off an additional 1,800 employees from its mortgage department. The plans come after the bank cut about 2,300 jobs from the same unit in August. Wells Fargo spokesman Alfredo Padillo said that the bank is cutting jobs in the mortgage department because fewer people than it expected are refinancing their mortgages. The jobs are in locations across the country. The affected employees were given 60 days' notice. The bank says that is looking for other positions for those people within the company. |
| Posted by:Fred |
| #6 May be that most people who could afford to, already have refinanced. We've had Wells Fargo for our mortgage and refinanced last year or so. But then we weren't upside down either and the principal was for about 50% of the value (had the mortgage for some time). They even kicked in the closing cost (Said it was better than having us go somewhere else). (OTOH perhaps the NSA/IRS/Treasury/Banks haven't figured out who CrazyFool is yet....) |
| Posted by: CrazyFool 2013-09-20 15:37 |
| #5 That's what happens when the NSA passes on to the IRS who passes it on to the Treasury who pass it on to the bank that you post on Rantburg. Now a couple years back that would have sounded 'tin foil hat'ish. Today, who knows? (other then the NSA/IRS/Treasury) |
| Posted by: Procopius2k 2013-09-20 13:52 |
| #4 Rat droppings! reviewed several times, but the 9inwriting) is supposed to be (in writing). Of course. |
| Posted by: Bobby 2013-09-20 12:17 |
| #3 I was upside down and suddenly allowed to refinance. I thought maybe one good thing had come out of DC. It started with the most ridiculous 'background check' ever. Why did we have all these addresses in Dallas when we lived in Virginia? Answers 9in writing): Daughter's apartment. Daughter's and husband's apartment. Then their house. Then the son's apartment, his house, and so on. Then the other son's several apartments at college. Moronic. Then the terms were to pay about 2.5 points up front, but! That could be added into the upside-down mortgage, making us more upside down. [sniff, sniff] Plus we started over with a new 30-year note, so all the money was interest again. [sniff...yeah, it does smell bad!] We decided the whole purpose was to get some more short-term cash into the banks and push the problem off a few years. Sound familiar? Like anything else out of DC? When, after six months of stalling, they wanted to do an appraisal, we threw in the towel. Colossal waste of time. But we still get mail and e-mail offers to refinance. And you wonder why I am cynical? |
| Posted by: Bobby 2013-09-20 12:16 |
| #2 Besides the rate increases, the new FHA mortgage insurance cost is a killer. |
| Posted by: KBK 2013-09-20 09:19 |
| #1 you make it harder to refinance and are surprised when fewer apply? |
| Posted by: Frank G 2013-09-20 09:12 |