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Greenpoint Mortgage

GreenPoint mortgage funding, Inc. is a mortgage banking company. It was founded in 1992 and its headquarters is at Novato, California. GreenPoint mortgage is a subsidiary of North Fork Bancorporation, Inc. In the year 2006, GreenPoint mortgage funding was taken over by Capital One, as part of its #13 billion acquisition of New York’s North Fork Bancorp. It is licensed to conduct mortgage business in 49 states and in 2005 and had revenues of $210 million. In the year 2005, it operated 45 offices and more than 2700 persons were employed with GreenPoint. It has always focused on giant loans above $417000 and loans to borrowers who do not fully declare their income or assets.

At the time of financial market meltdown, wherein the market has slowed down, then there were no investors for such loans. In this scenario, the operation cost of the companies gone up and made it difficult to operate the banking business. This in turn caused many mortgage shops to close down or be sold and the borrowers to default at a higher clip. GreenPoint mortgage funding was the victim of this thrashed mortgage market and forced to close down in the 2007 by Capital One Financial Corp., which resulted in the removal of 1900 staff positions. The affected offices are situated throughout the country including offices in California, Idaho, Texas, Florida, Minnesota, and North Carolina which were primarily handling the processing and underwriting of loans. So from August 2007 onwards, GreenPoint stopped making new mortgages.

To those employees, who were lost their jobs have been offered a severance packages including outplacement services.

Soon before the closure, GreenPoint mortgage funding was awarded the “Best overall corporate training program” award, by the educational division of the Mortgage bankers Association, for the second successive year. GreenPoint mortgage funding has one of the best Learning center online which offers a range of self administered learning events and activities to its associates at different locations, as well as to customers and offshore partners.

As per the JD powers 2005 mortgage report, GreenPoint mortgage funding has a 2 out of 5 point rating. It had 38 complaints against it at the “Bad business bureau”. Some of the notable complaints were Harassment, Threats, bad communication, poor service, and calls on holidays.

Later in the year, GreenPoint mortgage funding was accused of charging more to black and Latino borrowers than white customers, in the period 2004 to 2006. When the settlement order came, in August 2008 from the New York Attorney General’s office, GreenPoint had to pay $1 million as compensation.

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Bloody waste of time leaving a comment you never answer I need a Tel# so I can Talk to a person

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Australian Securities Exchange - The Australian Securities Exchange is the largest stock exchange in all of Australia, and is also known as the ASE, which opened for operation in 1987. Although its operations and functions have change with the times, it was transformed in 2006 after becoming the product in...

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