Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

• Wells Fargo Cuts Hundreds More Mortgage Employees on Industry Slowdown
• Wells Fargo & Co. cut hundreds more mortgage employees Thursday, the latest in a series of reductions across the industry after higher interest rates brought the pandemic-era home-lending boom to halt.
• The firm is not alone: Rival JPMorgan Chase & Co. cut hundreds of home-lending staff and reassigned hundreds more in June, with further reductions since.
• The latest wave comes amid ongoing Federal Reserve rate hikes to tame persistent inflation, pushing mortgage rates toward their highest levels in two decades. Refinancings have dried up and some potential homebuyers have been sidelined in the process.

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