Rates rising, banks hit the brakes on mortgage business $JPM $C $BAC $WFC
With the mortgage boom officially over, banks are closing facilities and units that have been servicing customers looking to refinance their home loans.
JPMorgan laid off more than 2,000 employees in early August—about half of them in originations, according to a person familiar with the situation. The bank had said in February that it would cut 17,000 jobs (largely in the mortgage servicing unit, which handles bad loans) by the end of 2014. The August round of layoffs represented the first time the bank had moved to downsize its origination business, which surged as mortgage rates went to historic