Capital One To Close Mortgage Unit

Another day, another sinking mortgage lender. Today’s victim is Capital One’s mortgage banking subsidiary. By closing the unit Capital One will be cutting 1,900 jobs. From MSN Money:

“Current conditions in the secondary mortgage markets create significant near-term profitability challenges,” Capital One said in a statement. “Further, recent and continuing developments in the mortgage markets reduce the long-term outlook for profitability in the business, as the company expects markets for prime, non-conforming mortgage products are likely to remain challenged.”

Later, gator.

Capital One closes mortgage biz [MSN Money]

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