Capital One GreenPoint Mortgage Closes

One of the latest casualties of the subprime mortgage crises is Capital One's GreenPoint mortgage unit. And yes, this is one of those subprime loan houses, with non-conforming loans - that is - they don't meet up to the government standards of Fannie Mae and Freddie Mac.

Fannie Mae and Freddie Mac are the government sponsored mortgages.

GreenPoint worked in the area that is now hardest hit - the Jumbo loans above $417,000 and Alt-A loans. They made these available to people who have little to no documentation on their assets or income.

GreenPoint will be closing immediately, some 31 offices, and 1,900 people working there will be let go.