Subprime-loan market stresses bite Wells Fargo
Wednesday, March 21st, 2007SAN FRANCISCO — Wells Fargo & Co. is eliminating more than 500 jobs — including about 170 in Tempe — in a division that makes home loans to high-risk borrowers, adding to the economic distress caused by the decaying subprime mortgage market.
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 credit records to qualify for subprime mortgages.
Wells Fargo’s purge already has wiped out 70 jobs in a Tempe office.




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