Subprime mortgage concerns that have tightened underwriting standards and diminished secondary market appetite in the neighboring "near prime" market have forced originator GreenPoint here to cut 440 staff positions and close 12 of its 41 operational centers, according to a company spokesperson."It was not a decision that the company takes lightly," said the spokesperson. "Given the situation it was something that we needed to do." Most of the jobs cut affected loan processor and underwriting positions but some account executives and staff at GreenPoint's Novato, Calif. headquarters also were affected. GreenPoint is a subsidiary of Capital One.
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