Wells Fargo Plans Foray Into Warehouse Lending
San Francisco-based bank and mortgage lender Wells Fargo is reportedly looking to venture into warehouse lending, according to Bloomberg.
The paper, which cited two people familiar with the matter, said the business would be based out of Atlanta, and headed by Kenneth Lognan, who was acquired via the Wachovia merger.
Back in February, Wells chief John Stumpf said the bank had been out of the warehouse Read more
Wells Fargo Top Mortgage Lender in January as Industry Volume Jumps
Mortgage origination volume jumped in January among some of the largest banking institutions receiving TARP funds, according to a new survey from the Treasury Department.
The survey, which covers the top 21 recipients of government investment via the Capital Purchase Program (CPP), found consumer lending originations increased at most institutions between December and January.
“Mortgage origination volume Read more
Wells Fargo Offering Principal Reductions to Wachovia Borrowers
As part of a broader plan to prevent foreclosures and reduce related losses, Wells Fargo has reportedly offered principal balance reductions to select Wachovia borrowers.
According to Bloomberg, letters were mailed to an unknown number of Wachovia borrowers who could be eligible for such a loan modification.
They are requesting proof of current income and a 2007 income-tax statement as a means to qualify Read more
Mortgage Activity Surging at Wells Fargo
Wells Fargo saw its shares pop today after reporting a $2.55 billion fourth-quarter loss as it took significant “de-risking” measures and Wachovia merger-related hits.
For all of 2008, the company reported net income of $2.84 billion on record revenue of $42.23 billion, a seven percent increase from 2007.
In an effort to “de-risk,” Wells Fargo took $37.2 billion in credit write-downs Read more