Wells Fargo has determined that 490 jobs in their mortgage departments across the country will be eliminated.
It's due to the reduction of distressed homes inventory. Less foreclosure activity. Less mortgage refinance activity.
They are determined to place as many of these employees within the company in different departments.
But, sign of a rebounding housing market can also mean loss of jobs in the mortgage industry that focused on distressed homes.
Happy for the sign, but sad for those employees that do not get to keep a job.