Capital One closes mortgage unit, cuts 1,900 jobs
CBS News
Transcript
[Music] Another casualty in the mortgage meltdown. Capital One Financial is closing its Greenpoint mortgage unit and cutting 1,900 jobs. The unit specialized in loans to consumers who do not have to fully document their income or assets. The credit card giant says it will not make any new mortgages, but will fund those already in the pipeline. That news may make jittery investors even more nervous on Wall Street. On Monday, stocks bounced around for most of the day, but managed to hold on modest gains by the close. The Dow climbed 42 points. The Nasdaq Composite added three and a half. Mattel faces a class action lawsuit over its recent toy recall. The lawyer who filed the suit says it's aimed at forcing the world's largest toy maker to pay for the testing of children who may have gotten lead poisoning from the toys, which were made in China. Following its latest recall, Mattel pledged to step up its testing methods to uncover dangerous toys before they reach storeshelves. And a tight job market means more employers are willing to pay to relocate their best new employees. A new survey found onethird of businesses have done just that in the past two years. And 14% say they're more willing this year to help a candidate relocate. One in 10 said they would spend more than $10,000 to do it. That's your money watch. Log on to cbsnews.com for the latest business headlines in New York. I'm Alexis Christopherus.