Citi Lays Off 1,000 Workers From Mortgage Unit

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Sept. 24 (Bloomberg) -- On today's "The Roundup," Bloomberg's Adam Johnson, Trish Regan, Olivia Sterns and Alix Steel wrap up the day’s top market stories on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Talking ahead of tomorrow's open.

The mortgage refinancing boom is coming to an end.

Citigroup is the latest bank to cut back its workforce.

The company said it will lay off about 1000 employees in its mortgage lending unit.

That announcement was made earlier today.

Wells fargo, you may recall several weeks ago, said they are going to lay off 4000 people.

Wells fargo accounts for about one in every three mortgages written in this country.

This is not a good sign.

Something is going on here.

As you pointed out, not seeing enough refinancing.

Do they not believe it is going to return at all?

Maybe everybody you needed to refinance did it.

One word, taper.

If the fed has told us we are tapering, game on, whether it is this month or next month or three months from now, rates are eventually going higher, and that discourages refinancing.

When she have to think that ben bernanke is looking at a headline like this and saying this is tackling what i was thinking, the taper is going to take out of the recovery.

That is still picking up, versus the refinancing issue.

Also the issue about getting a loan.

If the house is worth more -- worth less than you have on your loan, that is a problem.

You don't want to swim any deeper underwater.

You are the economist here.

You look at all the economic data for housing, what is your take away?

It is a pretty mixed bag.

You have plenty of things to worry about, whether it is serious and the middle east, you have a earnings growth, which is ok but not all that impressive, and as you said, things don't go up forever.

The street is over bullish and expecting profit margins to continue to go up next year.

We would look at that skeptically and say profit margins need to come back down, they are too high.

You have to forget about a lot of things like salads, which i know i like to eat.

No one is actually ordering them except the three of us.

Burger king has decided to reinvest to jumpstart a healthier fast food menu.

They are adding reduced fat, reduce calorie french fries, trying to lose the junk food image.

Still eight grams of fat, 210 milligrams of sodium for a value size portion.

The regular fries will still be available.

I actually did a lot of work on this.

When are they available?

That is the one thing i didn't find out.

Burger king has four different fries now.

They have a thick cut friday introduced about a year and a half ago.

People like fries.

Apparently half the people who go to a fast food store in this country order rise.

Every time i go to mcdonald's i get fries.

How could you not?

An average person eats 28-30 pounds of french fries per year.

They sell over 10 billion french fries in restaurants worldwide.

If you eat 28-30 pounds of french fries, how many pounds of either catch up or mayo?

For me, is it.

I am definitely not a condiments girl.

Before you have had a chance to watch your favorite tv shows -- netflix has an app called

I was going to freak out if you actually revealed it.

My friends in new york would know what happened on homeland before i got to see it.

This is very valuable.

"breaking bad" you have to watch live.

It is kind of like sports.

It took me a while to get into it.

Now i am like, no one to me what happened.

Back to serious stuff.

It is the week of the u n general assembly and the italian prime minister just sat down with erik schatzker.

Listen to what he had to say about german chancellor angela merkel.

Angela merkel was important because she is very pro- european.

We need to have germany very pro-european.

I hope maybe with the grand coalition, there will be more proactive with us building a more -- better europe.

She comes off looking great.

I think she has proven to be the adult in the room.

She has some pretty good support.

You probably should not say anything against angela merkel right now.

She's got all the power.

Speaking of the u n general assembly, president obama had a little bit of a gas yesterday.

He was standing -- a little bit of a gaffe yesterday.

He was standing in front of an open mic when he was invited to go and have a smoke.

To advance a common prosperity.

Here is what he did say.

He said i cannot go take a smoke because i am afraid of my wife.

If only everyone else was that easy to convince to stop smoking, that would be awesome.

You don't smoke, do you?

Remember what he said to medvedev?

He whispered to him, it will be a lot easier for me after the next election.

Here is a look at what is next on "street smart." treasury secretary jack lew

This text has been automatically generated. It may not be 100% accurate.


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