Tag Archives: wells fargo home mortgage

Banks Ease Rules On Jumbo Mortgages

The Obama administration has some free-market tendencies. It is reducing the size of jumbo mortgages that Fannie Mae and Freddie Mac will buy. This primarily effects homes in coastal California, where the cost of land is significantly more expensive than … 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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Wells Fargo Leaves Wholesale Reverse Mortgage Business

Wells Fargo has more exposure to the mortgage markets than most banks and is pulling back on various fronts. Much like Bank of America, which is regretting its purchase of Merrill Lynch and Countrywide. Report: Wells Fargo will exit the … Continue reading

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Wells Fargo’s Mortgage Vulnerabilities

Mortgages makes up a bigger percentage of the Wells Fargo portfolio of assets than they do for most banks, so Wells Fargo is particularly vulnerable to an increase in interest rates, which reduces, all things being equal, mortgage and refinance … Continue reading

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Should We Force Banks To Hold On To More Of Their Mortgage Loans?

The normal practice for banks is to sell their mortgage loans. Wells Fargo wants regulators to insist that banks hold on to a higher percentage of their mortgage loans. I wonder why? Will it hobble their competitors (the three bigger … Continue reading

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Wells Fargo Wants Stricter Mortgage Rules

Most businesses do not want to be regulated. Banks are no exception. All of the big banks are opposed to stricter mortgage rules. But Wells Fargo has broken with its peers. Congress passed in 2010 a massive overhaul of financial … Continue reading

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Refinance Applications Slump

The great refinance boom of 2009 may be over. Apps are down 8%. Rates are edging lower. Reuters says: U.S. mortgage application demand slid to the lowest level since mid-March, driven by a drop in requests to refinance loans even … Continue reading

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Saved By A Reverse Mortgage

Report: “It (the reverse mortgage) really saved me from living in poverty,” she said. So for Walters, a reverse mortgage made good sense. If a borrower has an outstanding mortgage, reverse mortgage proceeds will be used to pay it off … Continue reading

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