Wells Fargo

Wells Fargo vs. Bank of America: Advantage Wells

Comparing performance of Bank of America vs. Wells Fargo is interesting study, and is much more than an $8.8 billion loss compared to a $3.95 billion gain. Bank of America “trimmed roughly 151,000 loans from its portfolio of delinquent and discontinued mortgages in the second quarter through foreclosure or short sales. However, there are still

A word on past week’s MBS trading

Here are some tidbits for the day and some comments on MBS markets this past week: -The cost of placing ads on Facebook is rising rapidly: the “cost per click” of an ad placed on Facebook has increased by 74% over last year. -Reader’s Digest Association, the 90-year-old publishing and marketing company that emerged from

STATS: Big 4 banks’ home loan production down 33% in 1Q2011

When it comes to powerful women, how does the FDIC’s Sheila Bair—our nation’s top bank regulator—stack up against Lady Gaga or Katie Couric? When it comes to powerful banks, how do they rank for first quarter production? The big four banks originated a combined $186 billion in home loans, down 33% from $281 billion home

Latest on jumbo mortgages. Big 4 banks’ loans down, deposits up.

Jumbo mortgage volume is very dependent on location. So what are borrowers in high cost areas thinking when it comes to obtaining a jumbo loan? Linda Stern of Reuters reminds us that conforming loan limit caps for high cost areas will be reduced from $729,750 to $625,500 effective October 1, and says that some borrowers

Linkage: Gatsby Mansion Demolished!

Today links include more consumer-focused interpretations of the Fed’s new risk retention rules for mortgage securitization. If you only read one link today, read Kid Dynamite on the topic. -Mansion Linked To ‘The Great Gatsby’ Demolished (Reuters via tip from DB!) -Onion or Reuters: Protecting Borrowers From Lenders (Kid Dynamite) -Leader of Big Mortgage Lender

Bank Earnings Roundup

Lee Farkas, the former chairman of Taylor, Bean and Whitaker Mortgage Corp., was found guilty on all 14 charges stemming from a seven-year, multibillion-dollar fraud scheme that led to the collapse of his firm and Colonial Bank. Even the photo can make you cringe. At this point Mr. Farkas is probably not interested that Cantor

Mortgage approval process may cease in a shutdown

Regarding the government shutdown, Caroline Baum wrote this on Bloomberg: What if the U.S. government shut down and no one noticed? Even worse (or better, depending on one’s point of view), what if all federal workers went on furlough and the public realized there were benefits, not just costs, to smaller government? Essential services will

Wells Fargo CEO John Stumpf: 3 Point Plan To Fix Mortgages

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