Wells Fargo cutting 70 Bay Area mortgage jobs

“Wells Fargo & Co. is cutting 70 jobs in its Concord subprime mortgage office… ‘There are 70 positions that have been affected specifically in non-prime mortgage operations that have been impacted as a result of Wells Fargo making a decision to tighten some credit standards,’ said Chris Hammond, a bank spokesman. Wells Fargo Home Mortgage is the largest subprime home mortgage originator in the country; it generated almost $44 billion in subprime mortgages in the first half of 2006.”