tidy tuesday, page-3

... and this little bit of ongoing fallout (below) arrived after the close of the cash index in NY.. note that the biggest component of NYSE, banks, fell on NY overnight by over 1.44%.. and by the looks there will be more to come tonight.. banks are the biggest single component of SPX... and brokers are the bellweather of the whole market, off 0.97% overnight..

Aug. 20 (Bloomberg) -- Capital One Financial Corp. shut its GreenPoint Mortgage unit today, saying that weak demand from investors who buy residential home loans made it too hard to turn a profit. About 1,900 jobs will be lost.

The shutdown will trigger charges of about $860 million, or $2.15 per share, mostly during this year, Capital One said in a statement today, and the bank cut its 2007 earnings forecast to $5 a share from $7.15. Capital One, based in McLean, Virginia, bought GreenPoint's parent, North Fork Bancorp, less than a year ago for $13.2 billion.

``The market disruption is too great to continue with GreenPoint's originate-and-sell business model,'' Capital One Chief Executive Officer Richard Fairbank told workers in a memo. He said he had hoped GreenPoint would be ``a growth platform,'' adding, ``I made the decision to wind down the business with a heavy heart.''

Capital One fell $2.03, or 3 percent, to $66.72 as of 4:18 p.m. in New York Stock Exchange composite trading, bringing the loss to 13 percent so far this year. In extended trading, the stock fell to $65.40.