Morning Briefing: Mortgage lender cuts 490 jobs

by Steve Randall26 Oct 2015
Mortgage lender cuts 490 jobs
Wells Fargo is laying off 490 workers across the US. A drop in foreclosure and delinquency rates and lower demand for refinancing mortgages is partly responsible the lender said. The Charlotte Observer reported that workers were informed last week and given 60 days’ notice. “The decision to reduce our workforce is made with great concern for the team members who are affected,” spokesman Josh Dunn said in a statement. “Wells Fargo is committed to retaining valued team members and, where possible, we will work to identify other opportunities within Wells Fargo.”
Millennial home buyers rising in this city
There has been a rise in millennials buying homes in Athens, GA boosted by the return of home loan programs which had been missing since the recession. Real estate broker John Johnson of Prestige Property Specialists told that around 45 to 50 per cent of buyers in the city are millennials who can now afford to become owners: “They can do zero percent down, three percent down, five percent down, where during the crash if you didn’t have 10 to 20 percent down, you weren’t buying a house” he said. First American Bank mortgage specialist Charlie Fleming added that credit scores of millennials are recovering post-recession. With average prices in Clarke County at $150,000 many n millennials are finding mortgage repayments are cheaper than rates.
Jonah Hill lists Hollywood Hills home
Jump Street actor Jonah Hill has listed his home in the Hollywood Hills for $2.995 million. The Los Angeles Times reports that the compound was built in 1959 for actress Beverly Garland and Hill became only its second owner five years ago, paying $1.865 million. The property includes a main house and detached guest house with a total of 4 bedrooms and 4.5 bathrooms with 3,660 of living space. There is also a swimming pool, sports court and entertainment center. Rona Passman of Hilton & Hyland, an affiliate of Christie's International Real Estate, is the listing agent.


Should CFPB have more supervision over credit agencies?