Wells Fargo cuts 700 mortgage jobs

The Minneapolis/St Paul Star Tribune ^ | February 27, 2014 | Jennifer Bjorhus

[2ndDivisionVet]

Wells Fargo cuts 700 employees, including 203 in the Twin Cities, as demand for mortgages declines.

Wells Fargo & Co. said Wednesday that it is cutting 700 employees, including 203 in the Twin Cities, as demand for mortgages continues to shrink.

The San Francisco-based bank said it notified affected employees Wednesday, and that almost all of them work at the Wells Fargo Home Mortgage campus in south Minneapolis. Some work elsewhere in the Twin Cities.

The cuts follow scattered layoffs in the Twin Cities in January in which Wells Fargo laid off fewer than 30 mortgage-related workers.

“We currently expect mortgage origination volumes to decline in first quarter 2014, reflecting seasonality in the purchase market and lower [refinancing] volumes,” bank spokeswoman Peggy Gunn said in an e-mailed statement.....

[2ndDivisionVet]

Huh? I thought the media was saying we're in a recovery and that real estate was booming? And those are typically pretty high-paying gigs, too. Oh, well.

[Diana in Wisconsin]

Got divorced 5 years ago; am beginning to see the light of day again when it comes to my finances. I had to refinance then, to buy out my ex, which gave me both a lower payment and a lower interest rate. Timing was everything! Hanging on to my farm was the smartest thing I did, that’s for sure.

Of course, I’ve been lucky in that I HAVE marketable skills and will do just about any LEGAL thing for a buck, LOL!

My heart does go out to those who have lost jobs in the 0bamaEconomy and have lost their homes. I know a number of local Dems (I’m surrounded!) who have been hurt badly by these SOCIALISTS. And yet, they re-elected him. I don’t get it...

[pieceofthepuzzle]

More green shoots..

[wally_bert]

I hear real estate ads constantly saying how great things are. I see far too many homes for sale that have sat for years.

[wally_bert]

I saw some nice farm country in Wisconsin when I went to EAA last year.

[Diana in Wisconsin]

It’s beautiful here. Reminds me of my Motherland, Germany. :)

[GailA]

Nor do I, we have several in Memphis a whole family and they are all Dems, all black, all crooks, drunks, etc. 1 former state senator of over 20 yrs finally got caught taking vote bribes on video, His DRUNK sister now holds the slot. And John we’ll vote you back in when you get out of the federal pen.

Duke University: 44% of U.S. firms consider cutting health care to current workers

http://washingtonexaminer.com/duke-university-44-u.s.-firms-consider-cutting-health-care-to-current-workers/article/2543506

ObamaCare kills another 33k jobs, cuts hours for thousands more
http://www.humanevents.com/2014/02/21/obamacare-kills-another-33k-jobs-cuts-hours-for-thousands-more/

Public Sector Cuts Part-Time Shifts to Bypass Insurance Law
http://www.nytimes.com/2014/02/21/us/public-sector-cuts-part-time-shifts-to-duck-insurance-law.html?_r=3
“Our choice was to cut the hours or give them health care, and we could not afford the latter,”

ObamaCare tax cost 33,000 jobs, medical trade group says
http://nypost.com/2014/02/21/obamacare-tax-cost-33000-jobs-medical-trade-group-says/

WASHINGTON — A new ObamaCare tax on medical devices has already resulted in the loss of about 33,000 jobs in the industry, according to a prominent health-care trade association.

“Health insurance companies are looking for something in exchange for the three-year extension, which will make it much harder for them to sign up healthier and younger customers,”

http://washingtonexaminer.com/obamacare-changes-may-include-extension-of-risk-corridors/article/2544116

CBO: Obamacare Driving Millions Out of Work Force, Price Tag Tops $2 Trillion

http://townhall.com/tipsheet/guybenson/2014/02/04/cbo-obamacare-driving-millions-of-americans-out-of-work-force-n1789435?utm_source=thdailypm&utm_medium=email&utm_campaign=nl_pm

Obamacare will push 2 million workers out of labor market: CBO

http://www.washingtontimes.com/news/2014/feb/4/cbo-obamacare-push-2m-workers-out-labor-market/

Under Employment rate U 6

http://www.forbes.com/sites/dandiamond/2013/07/05/why-the-real-unemployment-rate-is-higher-than-you-think/

After 5 yrs Obamanomics, Record 100M Not Working
http://www.forbes.com/sites/peterferrara/2014/01/24/after-five-years-of-obamanomics-a-record-100-million-americans-not-working/

Case Worker: Illegal Aliens Got Food Stamps by the “Vanload” | Judicial Watch
http://www.judicialwatch.org/blog/2013/04/case-worker-illegal-aliens-got-food-stamps-by-the-vanload/

cronyn 3 state pensions
http://trailblazersblog.dallasnews.com/2013/06/sen-john-cornyn-discloses-3-texas-pensions-as-supplemental-income.html/

[Diana in Wisconsin]

Wow! I’m sure the fraud is just as rampant in Wisconsin...I’ll look into that.

Right now we have two sitting ‘Rat CongressCritters with bench warrants over their heads. The cops just CAN’T seem to find them, LOL!

Were it you or me? They’d be yanking us from our warm beds at 2am to throw us in the county lockup!

[goodnesswins]

I am starting to get it....being a Democrat is like being a Steelers Fan...it’s about the “game” and your support for YOUR team.

[goodnesswins]

Oh...and...it’s about not having to THINK!

[anonsquared]

This is Wells Fargo getting out in front of the runaway inflation they know is going to be allowed right down the road. Once Jimmy Carter double-digit interest rates hit mortgage applications and refinance will dry up like the Mojave.

[ridesthemiles]

Considering all the stories I have heard about people who have mortgages with Wells Fargo & their frustrated attempts to get their mortgages re-written by Federal standards, I am not surprised.

One person I know has tried for over 4 years to get a re-write of his mortgage & has had to send in 6 packages of their data requests. Everything seems ‘to go missing’ at Wells Fargo.

I won’t do any business with them for any reason.

[Diana in Wisconsin]

"Once Jimmy Carter double-digit interest rates hit mortgage applications and refinance will dry up like the Mojave."

I watched this happen as a young girl of 17. My Dad had just made it to The Big Time and had his first Engineering job that afforded us the LUXURY of moving out of Milwaukeestan, WI to Suburbia, USA.

My folks were paying 18% on the mortgage! Grandpa (a Depression Survivor...and THRIVER!) said, "This is INSANITY" and paid off the mortgage and charged my folks a much more reasonable rate. ;)

I was a quick learner, so I joined the military, knowing I wasn't going to find much beyond fast food or retail cashier jobs at that point in my life. Travel? College paid for? You betcha! :)

Socialists have always inspired me to action. I enjoy beating them at their own game.

[jimt]

My wife and I have been trying to pay off our house (cash !) for two months - but Wells Fargo can’t seem to get their act together.

I think they need to cut more than 700 jobs, particularly in Houston.

[RinaseaofDs]

” . . . Because the housing market is BACK!!!”

[Texas resident]

Haven’t we been in a recovery since 2009?

Oh my what could have happened?