GreenPoint Mortgage will cease residential mortgages effective immediately

The owners of GreenPoint Mortgage, Capital One Financial Corporation have announced that they will cease their residential mortgage origination operations. GreenPoint Mortgage are the whole banking unit of Capital One Financial Corporation, they are to pull out effective immediately.

All 31 locations of Greenpoint are to close with the loss of 1,900 jobs. Greenpoint are just the latest casualty of mortgage meltdown in the U.S. This mortgage company specializes in jumbo mortgages of $417,000 and above. Capital One Financial Corporation has blamed the closure of GreenPoint Mortgage down to the difficulty of being able to sell loans in the secondary market.