Posted on 09/19/2013 4:29:45 PM PDT by TurboZamboni
Wells Fargo Home Mortgage said Wednesday it will cut 332 more jobs at its offices in the Twin Cities. The cuts follow a decline in mortgage refinancing activity throughout 2012 and in early 2013, Peggy Gunn, a Wells Fargo spokeswoman, said in an email Wednesday. The cuts will take place over the next 60 days. The layoffs at Wells Fargo Home Mortgage follow an announcement of 350 job cuts in the same division July 18.
(Excerpt) Read more at twincities.com ...
0bamanomics. Working as planned.
Darn those ATM machines.
Total of over 4000 nationwide in two rounds.
“Mortgage rates have been rising since the first of the year. “Too low” is completely relative.”
They can try to mask these cuts in terms of rate increases all they want; the fact is that whereas before you had new sales and refinances, much of the mortgage business is ONLY refis now because no sane American who feels they can’t afford a family has any reason to buy a house. In other words, this is more related to the drop in our standard of living/financial security than mortgage rates.
A lot of amnesty is tied to replacing the Americans that will never buy a home or have schoolchildren; rather than let the socialist toilets become ghost towns a la Detroit, they’re simply importing a whole new replacement population of homeowners and schoolchildren (basically consumers, not workers).
I’m not going to refinance until the rate drops to -.25%. That is my target.
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