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Wells Fargo pulls out of reverse-mortgage market

While the slow disappearance of reverse mortgages from major lenders’ portfolios isn’t a big job-killer, it could spell trouble for the 20-year-old financing option that senior citizens have been able to use to carry them through retirement. Bank of America pulled out of the reverse mortgage business a few weeks ago, and Wells Fargo recently… Continue Reading Wells Fargo pulls out of reverse-mortgage market

Wells Fargo & Co. – Colorado’s largest bank –  is eliminating 85 jobs in Denver and 1,900 jobs nationwide in its mortgage department. In Colorado Springs, less than five positions are being eliminated, said Spokeswoman Cristie Drum, and the company will help them find other opportunities within Wells Fargo. Bank officials said many of the… Continue Reading Wells Fargo cuts 1,900 jobs

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Mortgage-firm casualties continue to rise

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Banks are clearly coming out of the mortgage lending crisis more quickly than their non-banking counterparts. During the first half of 2010, the number of mortgage-related firms to close or fail jumped by more than a quarter from the same time last year. That increase, according to Mortgage Daily.com was driven by more by financial… Continue Reading Mortgage-firm casualties continue to rise

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