Wells Fargo

Super Conforming Prices Improve, Mortgage Banker Becomes Fugitive

Some mortgage bankers leave the business and start new companies. Others, such as this well known hedging expert from the 1980’s and ‘90’s, become fugitives. In addition, Auerbach has two boys in the mortgage banking biz. Signs of super conforming price stability!? The Fannie Mae desk has been offering jumbo-conforming fixed rate whole loan pricing

Bank Earnings Mixed, CPI Flat Before Fed Speeches, Guidlines Tighter

Wells Fargo posted a $2 billion profit in the first quarter on record revenue of $10.6 billion, whereas Washington Mutual, the nation’s sixth-largest originator, lost $1.14 billion. And JPMorgan Chase did better than both, reporting net income of $2.4 billion for the first quarter 2008. And poor Merrill Lynch posted its third straight quarterly loss:

Wells Fargo To Buy National City?

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

Six Major Lenders To Stop Foreclosures

In conjunction with Treasury Secretary Henry Paulson, six major lenders announced a plan to stop foreclosures on defaulting borrowers to give them a chance to keep their homes. This is a good sign that banks are willing to help ease the housing market pain, and also a tacit admission of the perils of loose underwriting

WeeklyBasis 10/01/07: October Rates Depend on Jobs Report

Rates for conforming fixed, conforming ARMs and jumbo fixed are about .125% lower since the Fed cut both the bank-to-bank Fed Funds Rate and the Fed-to-bank Discount rate by .5% on September 18. With the next Fed meeting at the end of this month, it’s important for everyone to remember: Fed rate moves are not