what are the chances of a Fed rate cut in August?

Option One Mortgage plans to close 12 mortgage processing offices and trim 600 workers by early September, according to industry sources. The company will also exit the bulk acquisition/flow correspondent market. Of the 600 jobs that will be lost, 14% are in sales. Most of the job losses (66%) are in the production functions, the spokeswoman said. The offices slated to close include: Tempe; Milwaukee, Philadelphia, Foxborough, Charlotte, Columbus, Ft. Lauderdale, Bellevue, Saratoga, Rancho Cucamonga, Rolling Meadows, and Sterling, Va. Option One is making the changes "to better align our cost structure to current revenues." Well put...