BofA to close more mortgage offices, cut more jobs

The bank is set to close 16 mortgage offices and slash 2.1K jobs as refinancing hits a wall, reports Bloomberg. (Earlier: JPMorgan says refis are off 60% from May, and Wells Fargo said to expect continuing declines in Q3).

In late August, BAC shuttered another office and cut 1K jobs thanks not just to slowing refis, but improving credit trends meaning less manpower needed to service delinquent loans. Servicing costs are falling off a cliff.

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Comments (6)
  • Moon Kil Woong
    , contributor
    Comments (13546) | Send Message
    First TBTF banks crash the economy, suck off taxpayers, and then hoard stimulus funds and deposits to bolster their reserves and then fund their own speculative investments. Now they make money and want to cut jobs even though most all their mortgages end up in Fannie and Freddie who make taxpayers take the downside risk.


    Tell me, does this sound fair or right to you? No wonder the US employment participation rate keeps collapsing. TBTF banks are strangling the economy and preventing liquidity from flowing out into the private sector.
    9 Sep 2013, 09:40 PM Reply Like
  • PendragonY
    , contributor
    Comments (11400) | Send Message
    That's just delusional. Banks are cutting the number of employees who handle mortgages because mortgage activity has dropped.
    9 Sep 2013, 10:10 PM Reply Like
  • Jason B
    , contributor
    Comments (613) | Send Message
    Actually the banks returned BILLIONS back to the taxpayers for their help. What has the return been on the entitlement programs/ponzi schemes? Get back to me when those break even.
    9 Sep 2013, 10:18 PM Reply Like
  • KJP712
    , contributor
    Comments (471) | Send Message
    Wait till all the bank tellers are let go in a few years.Then the " Recovery " will truly be on display.
    9 Sep 2013, 11:23 PM Reply Like
  • paramdham
    , contributor
    Comments (47) | Send Message
    WE r being so used to freebies and blame game life! tell us the business of the business is to run profitable business within the legitimate ethical outlines.
    if the socialistic govt and the public that elected it wants that fannies are to be opened that is what is happening..... if the govt wants the banks not to fail and receive the eventually flowing there stimulus even directly,, they take it and prudent businessmen do not lend it to the duds as they did before but try to get a better return.
    the main cause for concern is that we are a debt oriented debtladen debt addicted society.... and debt has to be repaid!!
    meanwhile the lender always tries to earn on the debt given by him.... or else go bellyup the later is deferred by qe!! so whom r we blaming???? bank ben barmy?? !! think and educate e civilly
    10 Sep 2013, 12:19 AM Reply Like
  • Prescient Investment Analysis
    , contributor
    Comments (262) | Send Message
    Maybe some of the mREIT people are all over this?
    10 Sep 2013, 04:13 AM Reply Like
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