Mortgage Inspections Are Falling … Make Sure You Have A Parachute!

Bank of America Corp (NYSE:BAC) plans to cut 3,000 jobs in its mortgage operations during the fourth quarter, sources familiar with the matter told Shayndi Raice of The Wall Street Journal. Bank of America plans to reduce expenses as its delinquent loan portfolio and mortgage refinancing shrink.

Mortgage delinquencies and mortgage foreclosures are drying up.