St Louis Finance News: No More Non-Prime Mortgages  For Wells Fargo [News Hot Line: 314-334-0210 | Floyd Tapia]

America’s fourth-largest bank in the nation has decided it will no longer originate sub-prime mortgages.

As a result, Wells Fargo recently announced their decision to close more than 600 Wells Fargo Financial offices.

They also went on to say since they acquired Wachovia in 2008, these offices would no longer be used since they will offer their mortgage services through their other banking locations.

The huge amount of office closures will not go without financial losses. The once largest mortgage originator in the United States said it will face heavy losses and charges of about $185 million in total.

And their bank statement showed approximately $137 million or 2 cents per share as severance costs and reported as second-quarter earnings last Wednesday, July 21st, 2010.

But the costs will extend to their employee database as well.  Wells Fargo will add to this economy’s job losses by cutting about 2,800 employees over the next two months downsizing from its 14,000  count personnel.

St Louis Finance News has reported rumors that Wells Fargo will most likely cut an additional 1,000 jobs over the next 12 months.

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

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