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Wells Fargo Cutting 500 Home-Loan JobsThe Associated Press
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March 21, 2007
SAN FRANCISCO - Wells Fargo is eliminating 500 jobs in a division that makes home loans to high-risk borrowers, adding to the economic distress caused by the decaying subprime mortgage market in which the company had been a leader.
Most of the cutbacks, concentrated in South Carolina, Arizona and California, stem from Wells Fargo's recent decision to make it more difficult for borrowers with blemished or limited credit records to qualify for subprime mortgages.
http://www.newsobserver.com/104/story/555792.html
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