“SAN FRANCISCO (MarketWatch) — Capital One Financial said late Monday that it is closing its wholesale mortgage business and cutting 1,900 jobs as the credit card giant loses confidence in the profitability of originating home loans, then selling them in secondary markets.
The company said it will immediately stop originating mortgages through its GreenPoint Mortgage business, which offers loans through brokers.
The company also said it will close GreenPoint’s California-based headquarters along with 31 locations across 19 states. That will mean the elimination of roughly 1,900 jobs, most by the end of 2007.”
My deja vu is pinging so hard I think I’m going to have to go back to the mullet and the Camaro.
