Recent updates from Wells Fargo & Co. (WFC), the biggest U. S. home lender, unveil that the company has been asked to remove 2,300 jobs in mortgage production.
The reason attributed for the same is that the refinancing has turned flaccid and this is speculated to reduce even more as interest rates rise.
President Obama has said it is time for both this city's and the country's comeback from the housing chaos. He highlighted the importance of reducing the federal role and risk in the mortgage market on Tuesday. He said to take measures to not let the country go through the same kind of crisis ever again in the future.
Timid recovery in the estate sector has brought steadiness in the house trade. The house-builders Taylor Wimpey, Redrow and Bovis Homes are of the view that the market is stable but challenging. Recently, the government issued schemes for boosting the construction sector so that the troubled economy of Britain could be supported.