Wells Fargo Home mortgage Minneapolis

Hiding negative complaints is

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.

"After looking at the current market and our business needs, we are reducing 332 positions locally to respond to this change in demand and better align and increase the efficiency of our organization, " Gunn said.

Most of the layoffs are occurring at Home Mortgage's campus in South Minneapolis, with another handful at offices in Bloomington.

Nationwide, 1, 865 mortgage- unit employees at Wells Fargo are being let go, the bank announced Wednesday.

The reductions in the Twin Cities leave 20, 000 Wells Fargo employees in Minnesota, with about 8, 000 of those working for the Home Mortgage business.

As mortgage interest rates started rising earlier this year, refinancing activity has been cut in half, by some estimates.

A rise in interest rates was seen as a likely result of the Federal Reserve easing its efforts to pump liquidity into the U.S. market, though the Fed announced Wednesday that it's not making any changes to its quantitative easing program at this time.


Way Overpriced Housing

2007-10-06 15:21:53 by SSmalibu

“‘People are going to be loath to put their hard-earned money down with the prospect of it evaporating in a relatively short period of time through continued falling home prices,’ said Robert Stevenson, an analyst at Morgan Stanley.”
“‘Mortgage rates won’t stimulate demand,’ said Scott Anderson, senior economist at Wells Fargo & Co. in Minneapolis. ‘The Fed may be a little impotent here because what caused this housing crash was overpriced housing, not mortgages.’”

Finally, The Real Cause Of R.E. Market Collapse.

2007-10-06 22:16:02 by Joeb7th

I am reposting this other post because the content of this one is so important.
Finally, we are able to come to grips with what the REAL problem was in all this.
Way Overpriced Housing < SSmalibu > 10/06 15:21:53
“‘People are going to be loath to put their hard-earned money down with the prospect of it evaporating in a relatively short period of time through continued falling home prices,’ said Robert Stevenson, an analyst at Morgan Stanley.”
“‘Mortgage rates won’t stimulate demand,’ said Scott Anderson, senior economist at Wells Fargo & Co

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'Profit meant more than her life': Woman with breast cancer dies after Wells ..  — Raw Story
Breast cancer victim Marsha Kilgore lost her home in Fresno, California and died soon after she was foreclosed on by Wells Fargo, which had promised a loan modification but later reneged.

BofA, Citi, Wells Fargo Accused Of Lending Discrimination In Miami Suit  — Huffington Post
MIAMI, Dec 19 (Reuters) - Miami has sued Bank of America , Wells Fargo and Citibank in U.S. federal court in Florida, for discriminatory mortgage lending practices against minority residents that resulted in a rash of foreclosures, the city said on ..

Authenticated 1924 Ad F. H. Smith Washington Mortgage Bond Investment - Original Print Ad
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LA sues Wells Fargo and Citigroup, alleging predatory lending  — Los Angeles Times
The city of Los Angeles accused banking giants Wells Fargo & Co. and Citigroup Inc. of a “continuous pattern and practice” of mortgage discrimination that led to a wave of foreclosures, reduced property tax revenue and increased costs for city services ..

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