The Off Topic Topic

[Neil]

Wells Fargo Said to Eliminate 2,300 Mortgage Jobs
By Dakin Campbell - Aug 21, 2013

Wells Fargo & Co. (WFC), the biggest U.S. home lender, is cutting 2,300 jobs from its mortgage-production unit because higher interest rates are reducing demand for refinancings, according to people with knowledge of the matter.

Other smaller cuts had been made in the past few weeks around the country, according to the people, who asked not to be identified because the changes haven't been publicly disclosed. The cuts would equal about 20 percent of the 11,406 mortgage loan officers employed by the San Francisco-based company at the end of March, according to a presentation.

Wells Fargo has said mortgage lending will slow for the rest of this year as higher interest rates make refinancing less attractive. Those loans, which made up 70 percent of the mortgage market during the first half, slid to about 50 percent of applications recently and could fall further in the months ahead, according to a staff memo from Franklin Codel, the bank's head of mortgage production.

"We've had to recalibrate our business to meet customers' needs -- and to ensure we're operating as efficiently and effectively as possible," Codel wrote. "Unfortunately, displacements within our team are necessary."

Quarterly mortgage originations will decline to less than $100 billion in the third quarter, forcing the lender to adjust the size of its staff, Chief Financial Officer Timothy J. Sloan said during the company's second-quarter earnings call.

Employees received 60 days notice today and the bank is trying to retain as many as possible by finding them other jobs at the company, according to Jennifer A. Temple, a spokeswoman for the bank.

Shares of the company slipped 0.5 percent to $42.36 in New York trading, trimming its advance to 24 percent this year compared with the 25 percent gain in the 24-company KBW Bank Index. Wells Fargo was the largest employer among U.S. banks at midyear with about 274,000 people.

Interest rates go up, their KBW Bank Index advance falls 1%, and people lose jobs.  But hey, that doesn't stop CEO John Stumpf's pay from increasing 8 percent to $19.3M last year.

Hope they don't have mortgages with Wells Fargo: all those future foreclosures would necessitate more firings.

Why wouldn't he be rewarded?  Putting people out of work is his job.

[Eddie Teach]

I worry also about dolphins and their rape culture.

Yeah, Douglas Addams was full of shit on that score.

[Neil]

I worry also about dolphins and their rape culture.

Why?

[Ideologue]

Why don't you worry about your life?

I don't worry about yours, princess.  I'm sure you'll be fine.

[garbon]

Why don't you worry about your life?

I don't worry about yours, princess.  I'm sure you'll be fine.

Okay, Seeds.

[Ideologue]

If you think whales deserve to live by dint of being intelligent/empathetic/whatever, and think human whalers ought to be swept from the seas by the USN, as I do, then you can't just ignore it when monster dolphin things kill them because they're not human.

At the same time, orcas are certainly too intellectually and morally stupid to understand when they kill other cetaceans that what they're doing is wrong.  But I don't care about intent; I care about the outcome.  If a guy with an IQ of 60 was murdering people, you'd still find a moral dimension to his slayings.

That said, as obligate carnivores of high moral value, if all orcas ate fish (a life form of significantly lower moral value), I would not have a problem.

You're stupid in so many ways here, it boggles the mind.  For one thing, having the USN doing retarded bullshit like babysitting whales is exactly the sort of thing that a chick would do.  It's like on Robocop 2, where they reprogram him with all kinds of stupid, womanish directives.

If you had retards killing even dumber retards in a pre-morality society, nobody would care.  We know this because that's exactly what happened.

I can't believe you'd take the side of First Nations against dreadnoughts blowing them up.

[CountDeMoney]

Why don't you worry about your life?

I don't worry about yours, princess.  I'm sure you'll be fine.

Okay, Seeds.

At least I capitalize it.  Ide, that's just disrespect, dude.

[Neil]

If you think whales deserve to live by dint of being intelligent/empathetic/whatever, and think human whalers ought to be swept from the seas by the USN, as I do, then you can't just ignore it when monster dolphin things kill them because they're not human.

At the same time, orcas are certainly too intellectually and morally stupid to understand when they kill other cetaceans that what they're doing is wrong.  But I don't care about intent; I care about the outcome.  If a guy with an IQ of 60 was murdering people, you'd still find a moral dimension to his slayings.

That said, as obligate carnivores of high moral value, if all orcas ate fish (a life form of significantly lower moral value), I would not have a problem.

You're stupid in so many ways here, it boggles the mind.  For one thing, having the USN doing retarded bullshit like babysitting whales is exactly the sort of thing that a chick would do.  It's like on Robocop 2, where they reprogram him with all kinds of stupid, womanish directives.

If you had retards killing even dumber retards in a pre-morality society, nobody would care.  We know this because that's exactly what happened.

I can't believe you'd take the side of First Nations against dreadnoughts blowing them up.

First of all, the dreadnoughts are all decommissioned.  Secondly, I'm not siding with Indians, I'm siding against mission-creep tomfoolery that distracts the USN from their main mission for the future:  Drowning PLA assholes.  Thirdly, if whales are interested in not being hunted, they should learn fucking English.

[Razgovory]

Missing kid was found dead in the area.   I hate when those stories turn out like that.  She was seen getting into someone's car earlier this week and Amber Alert went out and they caught the guy 90 minutes later on the other side of town.  Still wasn't fast enough.  They recovered her body yesterday.

[Ed Anger]

Missing kid was found dead in the area.   I hate when those stories turn out like that.  She was seen getting into someone's car earlier this week and Amber Alert went out and they caught the guy 90 minutes later on the other side of town.  Still wasn't fast enough.  They recovered her body yesterday.

Stuff like that makes me want to LoJack my kids.

[Josquius]

I was in a big newsagents yesterday. It really struck me how few gaming magazines there were compared to 2 years ago.
It could be that the internet has finally killed them off (people into games are likely to be more computer adept than average) but part of me can't help but wonder if its linked to the decline of the industry.

[HVC]

I worry also about dolphins and their rape culture.

You anthropomorphize way too much. Just eat some meat, it'll clear up your thinking

[Lettow77]

aww yee

got me a job, and with it, visa sponsorship and all the associated nizzerdry

residency, a stable life and a steady wage are all miiiiine


miiiiiiiiiine

[CountDeMoney]

Bathing and toilet facilities included?

[sbr]

I was in a big newsagents yesterday. It really struck me how few gaming magazines there were compared to 2 years ago.
It could be that the internet has finally killed them off (people into games are likely to be more computer adept than average) but part of me can't help but wonder if its linked to the decline of the industry.

What do you suppose is causing the decline of the industry?