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News Item: ‘H&R Block Inc. on Tuesday said it will eliminate 575 jobs at its Option One Mortgage Corp. sub-prime lending unit, on top of 615 job losses announced on May 15.’

More, from Reuters: ‘In April, H&R Block had agreed to sell Option One to private equity firm Cerberus Capital Management LP. On Aug. 30, H&R Block said the sale may fall apart, and that Cerberus might buy just the loan servicing business.’

A question: Is there a healthy stand-alone mortgage lending company at the moment? It appears to us the mortgage industry as it existed eight months ago is all but disappearing and will be absorbed by the banks. Are we missing something?

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