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Breaking News -- Another lender bows out: ‘Capital One Financial Corporation today announced that it will cease residential mortgage origination operations at its wholesale mortgage banking unit, GreenPoint Mortgage, effective immediately. Current conditions in the secondary mortgage markets create significant near-term profitability challenges, given the company’s ‘originate and sell’ business model.’

The Wall Street Journal: ‘Citing great difficulty selling loans to the secondary market, Capital One officials said the bank will closing GreenPoint’s 31 locations and eliminating 1,900 jobs immediately.’

Pulse of the mortgage market today? This from Lou Barnes of Inman News: ‘As of this morning, the non-Agency mortgage market is still just plain closed.’ More from Lou later today.

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