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Strategies & Market Trends : Aardvark Adventures

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To: jmiller099 who wrote (3266)	8/20/2007 5:28:10 PM
From: ~digs	Read Replies (1) of 7944

Capital One Financial Corp. said Monday it will cut 1,900 jobs and shutter its wholesale mortgage banking business, a move that comes as lenders continue to struggle in the nation's housing and mortgage markets. Capital One said it will shut down GreenPoint Mortgage and eliminate most of the jobs by the end of year. The company will "cease residential mortgage origination" effective immediately and close GreenPoint's Novato, Calif., headquarters and 31 locations in 19 states. The company said it will honor commitments to customers with locked rates who have loans already in the pipeline. "The reductions in demand and pricing in the secondary mortgage markets make it difficult to operate our wholesale mortgage banking business profitably," said Gary Perlin, chief financial officer of the McLean, Va.-based company. The decision to close GreenPoint will hit the company with an $860 million charge, or $2.15 per share, the vast majority of which will come in 2007. Capital One lowered its 2007 earnings guidance by 14 percent to $5 per share. biz.yahoo.com

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