Capital One closes mortgage biz |
| MSN Money - Aug 21, 2007 |
The finance company is the latest to be hit by the subprime-mortgage meltdown. Warren Buffett could be a white knight for Countrywide Financial. The number of foreclosures nearly doubles from last year.
In the latest notch on the mortgage meltdown's bedpost, Capital One said late yesterday it is shutting down its GreenPoint mortgage unit.
Shares of the stock fell 31 cents to $66.41 in morning trading.
"Current conditions in the secondary mortgage markets create significant near-term profitability challenges," Capital One said in a statement. "Further, recent and continuing developments in the mortgage markets reduce the long-term outlook for profitability in the business, as the company expects markets for prime, non-conforming mortgage products are likely to remain challenged."
Read Full Article from MSN Money
- Posted: 2007-08-21 10:27:40
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