National Lenders Cut Jobs As Housing Market Slumps

PITTSBURGH (NewsRadio 1020 KDKA) — As mortgage rates go up, employee numbers are going down.

Big National lenders such as Bank of America, Wells Fargo and Citi Bank have all announced major layoffs in their mortgage department.

On this edition of The Dollar Bank hour Mike Henry of Dollar Bank joined KDKA's Robert Mangino to discuss the reason behind these layoffs.

"The reason why these layoffs are happening is because there is less processing, there's less work to do," said Henry.

Increase in interest rates is another reason for these layoffs. The banks predict interest rates will remain high for a while.

Tune into The Dollar Bank Hour every Wednesday at 7:00 p.m.