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GreenPoint - We hardly got to know you. - McLean, VA based Capital One closes mortgage division
By robertearl | August 21, 2007
We have all seen the Barbarians that run around causing havoc on all that come in their path, asking that now famous question, What’s in your wallet? 
Capital One, Based in McLean VA announced on Monday that it will be closing its Mortgage Division - Greenpoint Mortgage. Guess they didn’t have a magic card in their wallet?
Capital One, best known as a credit card issuer, said it will cut 1,900 jobs and take $860 million in charges as it closes its GreenPoint Mortgage unit, which it acquired last December 2006 as part of a $13.2 billion deal for North Fork Bancorp Inc. - Why does the original tale of corporate takeovers, Barbarians at the Gate come to mind? What would Ross Johnson think of all of this?
GreenPoint plans to close its California headquarters along with 31 locations in 19 states. About 1,900 jobs will be eliminated by the end of the year, Capital One said. GreenPoint had specialized in “Alt-A” mortgages, which often go to people who do not qualify for “prime” mortgages or cannot fully document income or assets.
Goodbye GreenPoint, We hardly got to know our McLean neighbor.
Topics: McLean VA Real Estate, Northern Virginia Real Estate |