Here are a couple Monday morning questions: Is the rise of non-bank lending a good thing? Does the GOP’s rush to dismantle Fannie & Freddie threaten a fragile housing market? And the biggest question of the day, or any day, is how do we fix the mortgage mess? Wells Fargo CEO John Stumpf offers a
John Stumpf
FULL PRESS RELEASE: Wells Fargo & Company (NYSE:WFC) announced today that, pursuant to terms approved by U.S. banking regulators and the U.S. Treasury, it will redeem the $25 billion of series D preferred stock issued to the U.S. Treasury in October 2008 under the government’s Troubled Asset Relief Program (TARP), upon successful completion of a
FULL PRESS RELEASE: Wells Fargo & Company (NYSE:WFC) announced today that, pursuant to terms approved by U.S. banking regulators and the U.S. Treasury, it will redeem the $25 billion of series D preferred stock issued to the U.S. Treasury in October 2008 under the government’s Troubled Asset Relief Program (TARP), upon successful completion of a
With no economic news of note, and the 2-yr auction having gone well, rates are not moving much. Although today’s release of the Fed meeting’s rate decision may change that, depending on the language, no one is looking for an increase in overnight rates. The $40 billion of 5-yr notes is auctioned off about an
The San Francisco Business Times reported that Wells Fargo is evaluating acquisition opportunities. In addition to posturing for Fed support by saying “I would not be averse to a Fed-assisted transaction,” Wells CEO John Stumpf said that National City is a target. Stumpf’s comment about Fed intervention is at worst jealousy about JP Morgan Chase