Tag Archives: wells fargo co

Bank Of America Overwhelmed By Refinancing Demand

A new government program to boost mortgage refinancing is overwhelming some banks such as Bank of America. That bank has been telling some customers to wait 90 days before applying for a refinance. Banks have to staff up to handle … Continue reading

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Shoddy Mortgages Cost Big Five Banks $72 Billion

Paperwork processing problems have cost the big five banks about $72 billion according to this Bloomberg story. The banks are preparing to settle with state AGs for about $25 billion to satisfy many of the claims from robo-signing. Bloomberg says: … Continue reading

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Banks Getting Brow-Beaten Into Modifying More Mortgages

“Gangster government” is one famous phrase (first used by Michael Barone) that describes the Obama administration’s approach to governing. A couple of years ago, it was GM’s bond-holders who took a bath so that the UAW could keep its benefits. … Continue reading

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Mortgage Mess Expected To Cost Big Banks At Least $120 Billion More

Banks have been staggered by their losses on mortgage lending over the past four years. The writedowns this year have been steeper than expected. Hardest hit is Bank of America. Why? Because they bought Countrywide, the subprime lender, and Bank … Continue reading

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Did Wachovia Corp. Use Deceptive Marketing To Sell Mortgage Products?

This lawsuit by Wells Fargo against Wachovia was just settled. We’re seeing a ton of these civil suits to try to sort out the mess of the housing crash in 2007. Many clients feel they were sold a bill of … Continue reading

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How To Set Up A Reverse Mortgage

Frustrated with dealing with HUD (the federal department of Housing and Urban Development), Bank of America and Wells Fargo are getting out of the reverse mortgage market. Still, there are plenty of options left for people who want a reverse … Continue reading

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Wells Fargo Leaves The Reverse Mortgage Market

Wells Fargo is disproportionately in the mortgage business and is much more vulnerable to fluctuations in that market than the other major banks. To limit that exposure, Wells Fargo is gradually pulling back from various facets of the mortgage business. … Continue reading

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Let’s Blame The Banks For Getting Overwhelmed By Foreclosures

Mortgage lenders aka banks lose about $40,000 per home they foreclose on. Banks do not want to foreclose, but what alternative do they have when people don’t make mortgage payments? Overwhelmed by the high number of foreclosures, banks have been … Continue reading

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Banks Stock Shares Stay Low

And for good reason. The Obama administration is trying to negotiate a $20 billion slush fund from the banks to fund potential Democrat voters in 2012. Banks are one of those rare businesses which can’t invest as they see fit. … Continue reading

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As Mortgage Rates Climb, Banks Lay Off Workers

Mortgage interest rates on 30 year fixed rate mortgages are close to 5%, up about point eight of a point since last November. This small rise has been enough to slow mortgage and refinance applications. Wells Fargo does a disproportionate … Continue reading

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