Aug 21, 2007

Capital One Leaving Mortgage Market

Yesterday Capital One issued a Press Release stating that they will immediately close their GreenPoint Mortgage division that was just purchased last December. Good buy guys. That along with the closing of their selected mortgage divisions will result in 1,900 lay offs.

The company indicated that they remain committed to Capital One Home Loans offices. From the
Press Release:

“Capital One Home Loans, based in Overland Park, KS, and Capital One N.A., including its 725 local retail bank branch locations in New York, New Jersey, Connecticut, Texas, and Louisiana, are not directly affected by this decision. Capital One intends to continue to originate and sell mortgage loans through Home Loans and its bank branches…”