Refinance mortgage applications skid - 2007-02-21
U.S. mortgage applications decreased over 5 percent last week, hitting their lowest level this year, even as interest rates came off, an industry trade group declared Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinance mortgage loans and purchasing loans, for the week ended Feb. 16 fell 5.2 percent to 606.6.
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Wells Fargo cuts 320 subprime mortgage jobs - 2007-02-21
Wells Fargo & Co. declared on Wednesday it is slashing 320 subprime mortgage jobs in two operations centers because it is tightening its lending standards for home buyers with poor credit histories. Close to 250 jobs are being cut 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.
Read the full story at Reuters