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TIAA Bank exiting retail mortgage lending, selling to U.S. Bank

According to TIAA, U.S. Bank will “extend offers of employment to a number of experienced TIAA Bank staff and assume certain leases on TIAA Bank’s retail home lending offices in key markets across the United States.”

But the bank did not provide details on just how many of its employees will be hired on by U.S. Bank and how many will be laid off. Nor did the bank provide information on which of its branches will become U.S. Bank operations.

Whichever branches are not included in the deal will be closed as TIAA Bank says that it will exit the remainder of its retail branch mortgage operation and focus on its existing retail-direct and correspondent lending businesses moving forward.

“This repositioning will allow us to serve a wider audience of clients nationwide, including millions of TIAA participants and their families, through our retail direct and correspondent lending channels,” said Blake Wilson, chairman and chief executive officer of TIAA Bank.

Why can't the government provide direct home loans 2-4 %, providing stimulus, ability to keep payments stable?

- banks are not working
- government is providing money
- citizens need relief and a solid low rate loan would provide $$$ in everyone's pockets, not just people defaulting
- 10 year Tbill is at 3%.

the government has set up FHA,VA, and Rural housing. but where did you get the idea that there was 2-4% money available. There isn't. If that happens we a re in a long term depression and the fed funds rate drops to .