Wells Fargo shuts nonprime mortgage unit, cuts jobs

(Reuters) - The company will shut operations in Baton Rouge, Louisiana, resulting in a loss of 170 jobs, and in Des Moines, Iowa, where it will seek other positions for 67 affected workers. Wells Fargo's home mortgage unit is based in Des Moines, while the parent is based in San Francisco.




Wells Fargo, which is also the fifth-largest U.S. bank, said nonprime wholesale lending last year represented 1.6 percent of its $397.6 billion of residential mortgage loan volume. It said it will still offer nonprime loans directly to consumers through its Wells Fargo Home Mortgage and Wells Fargo Financial units.


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Futures hint at Wall St fall, inflation data due

(Reuters) - Among earnings reports due later on Tuesday are Merrill Lynch & Co. , SLM Corp. , U.S. Bancorp and Wells Fargo .




Year-to-date, financial stocks are the worst performers of the ten major S&P industry groups and the sole sector with losses for that period.


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Copper Falls in Trading in Asia on U.S. Housing Concerns; Zinc Declines

(Bloomberg) -- Copper prices fell in Asia after a
report showed confidence among homebuilders in the U.S., the
second-largest consumer of the metal after China, dropped this
month to the lowest since February 1991.

The National Association of Home Builders/Wells Fargo index
of sentiment fell to 28 this month from 30 in May. Readings
below 50 mean most respondents view conditions as poor. Builders
are the biggest copper users in the U.S., with an average home
containing about 400 pounds of the metal.


Read more at Bloomberg Commodities News