NEW YORK (Standard&Poor's) Aug. 21, 2007--Standard&Poor's Ratings Services said today that its rating on Capital One Financial Corp. (BBB+/Positive/--) remains unchanged following the company's announcement that it will cease residential mortgage origination operations at its wholesale mortgage banking unit, GreenPoint Mortgage, effective immediately. The recent turmoil in the mortgage market and the resultant pricing pressures resulted in profitability pressures at GreenPoint. Capital One also believes that profitability would be pressured longer term, and concluded that the best option was to exit the business. The decision will result in an $860 million charge. Approximately $650 million of the total is associated with a noncash, goodwill write-down. Operating earnings are only nominally affected by the incremental costs associated
