It's a slow day for Housing News. See the latest on consumer prices here.
Bank of America lays off 1,500 mortgage workers
Bank of America (BAC: 12.95 -1.37%) laid off 1,500 associates nationwide as the bank anticipates a 25% downturn in the mortgage origination market.
A BofA spokesman confirmed the bank would close or consolidate more than 100 fulfillment centers and cut staff. At least 300 of the associates will fill positions at the bank's Legacy Asset Servicing division created in February to work through discontinued and delinquent loans. There, they will support modification and foreclosure-prevention initiatives.
Freddie Mac Market Outlook Predicts an Increase in Home Sales
Freddie Mac forecasts a 5 percent increase in 2011 home sales over 2010, according to its U.S. Economic and Housing Market Outlook for April.
The report also contends that refinancing will likely account for a smaller share of loan applications later this year as wealthy borrowers decrease and mortgage rates increase.
Level 3 chairman and wife donate $10 million for construction of new engineering building at CSU
The $69 million, 122,000-square-foot building is being built at the southeast corner of Laurel Street and Meridian Avenue.