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So Why Did Capital One "Suddenly" Exit Mortgage Lending?? [zero hedge]

CAPITAL ONE FINANCIAL (COF)  More Company Research Source: zero hedge
Last capital one financial earnings: 7/19 04:05 pm Check Earnings Report
PDF So Why Did Capital One "Suddenly" Exit Mortgage Lending??Last week, Capital One Financial (COF) announced that is was formally withdrawing from the residential mortgage loan market. Some observers mistook this announcement for news, thinking that COF had actually been engaged in residential lending in a serious way. Housing Wire, for example, reported that COF had “suddenly” exited the mortgage and home equity business.In fact, despite several acquisitions, these motivated mostly by a desire to accumulate deposits, COF had never really cared about mortgage lending or anything other than credit cards and consumer loans. “The challenging rate environment and marketplace ... do not allow us to be both competitive and profitable for the foreseeable future,” Sanjiv Yajnik, the president of financial services at COF, said in an internal memo.At the end of Q2 ’17, COF had about 21% of its loan book in all real estate loans, including residential at 8% and about 12% commercial real estate loa [Read more]

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