 |
| Google search frequency for "mortgage refinance" |
In response banks are loosening lending standards and laying off employees. Volumes are falling sharply.
Charlotte Business Journal: - Wells Fargo's booming home loan business is slamming the brakes this quarter. Chief Financial Officer Tim Sloan says the San Francisco-based bank expects a 30% drop in mortgage volume in the third quarter. Wells estimates originations this period will dip to about $80 billion from $112 billion in the second quarter.
Wells announced that it is cutting 2,300 jobs, Citi 2,200, BofA 2,100, and Chase as many as 19,000 through 2014. There will be more to come.
To subscribe or visit go to: http://www.riskcenter.com
http://riskcenter.com/articles/story/view_story?story=99915825