Wells Fargo Plans to Lay off 490 People in their Workforce


Today’s News Synopsis:


The latest data from HUD and the Census Bureau showed a drop in new home sales by 11.5%.  On the other hand, Black Knight Financial Services reported home prices increased 0.3%.  Wells Fargo is planning to lay off 490 people in their workforce.


In The News:

Housing Wire – “Here’s proof why Millennials should buy not rent” (10-26-15)

“Even with their unique financial and living situations, it is still better for Millennials to buy a home rather than rent in most cities.  Usually, when Trulia crunches its home-buying numbers, it assumes a 30-year, fixed-rate mortgage with a 20% down payment for households moving every seven years.”

Mortgage Professional America – “Morning Briefing: Mortgage lender cuts 490 jobs” (10-26-15)

“Wells Fargo is laying off 490 workers across the US. A drop in foreclosure and delinquency rates and lower demand for refinancing mortgages is partly responsible the lender said.”

NAHB – “New-Home Sales Drop 11.5 Percent in September” (10-26-15)

“Sales of newly built, single-family homes fell 11.5 percent to a seasonally adjusted annual rate of 468,000 units in September, according to newly released data from HUD and the U.S. Census Bureau.”

Bloomberg “The Companies That Pay MBAs the Most” (10-26-15)

“Business school is a profitable investment for almost anyone, but some MBAs are getting more dollar value out of their degrees than others. MBAs who worked in financial services several years out of school earned more than their peers in every other industry, and the best paychecks overall were doled out by investment banking firm Morgan Stanley, a Bloomberg survey of thousands of B-School alumni showed.”

Housing Wire “House will vote this week on measure to limit CEO pay at Fannie, Freddie” (10-26-15)

“A congressional push to limit the salaries for the CEOs of Fannie Mae and Freddie Mac moves closer this week when the House version of a bill that already passed the Senate unanimously goes to the House floor for a vote.”

Mortgage Professional America – “America’s favorite pastime mirrors the economy” (10-26-15)

“They both seemed down and out just a few years ago, but both the market and the New York Mets are back … and better than ever.”

Housing Wire – “Home prices rise 0.3% in August, up 5.6% since January” (10-26-15)

“Home prices were up 0.3% for the month, rising 5.5% on a year-over- year basis, according to the August house price index from Black Knight Financial Services.”



Bruce Norris will be speaking at the Cutting-Edge Financial Tactics Brunch on Saturday, November 7.

Bruce Norris will be speaking at the 2nd Annual TNG VIP Subsriber Brunch on Sunday, November 8.

Image copyright source: www.flickr.com/photos/andrewbain


For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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