Click on Map Image for Larger View The map image shows the retail mortgage market share rankings of Wells Fargo Mortgage in all counties. The bright red colors represent first position in the market. The mortgage data includes all FHA … Read More
Wells Fargo said today it will close 25 of Wachovia’s retail locations in Orange County, merging operations with nearby offices often within a mile of each other. The company said it does not plan to cut jobs. Statewide the bank … Read More
Roughly 9% of eligible borrowers have received a trial loan modification under the Obama administration’s $75 billion foreclosure prevention plan, the Treasury Department said today. The total is for people at least 60 days late on their mortgages — including … Read More
Randy Johnson, president of Independence Mortgage Co. in Newport Beach, author of “How to Save Thousands of Dollars on Your Home Mortgage” and a mortgage broker since 1983, answers questions… DesperateforAnswers in Lake Forest asks: Q. My husband and I … Read More
National Mortgage News reports Wells Fargo recently sold $600 million in distressed subprime loans to Irvine-based Arch Bay Capital. Paul Muolo of NMN says the loans were originally funded by two mid-sized subprime lenders: Accredited Home Loans and NovaStar Financial. … Read More
First, yesterday I posted a funny article about Wells Fargo NA suing Wells Fargo NA (and other defendants). See: Wells Fargo Sues Wells Fargo, Wells Fargo Denies Allegations (ht Rama) Also gasoline prices fell: U.S. gasoline prices fall to $2.56/gallon … Read More
For a little Saturday night amusement … From FoxBusiness: Wells Fargo Bank Sues Itself (ht Rama) … I could not resist asking Wells Fargo Bank NA why it filed a civil complaint against itself in a mortgage foreclosure case in … Read More
From Manuel Adelino, Kristopher Gerardi, and Paul S. Willen writing at the Boston Fed: Why Don’t Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization (ht Holden Lewis, Mortgage Matters at Bankrate.com) One of the key questions these researchers ask … Read More
The WSJ Real Time Economics blog mentioned Okun’s law yesterday (a relationship between changes in GDP and unemployment): Job Losses Outpace GDP Decline (ht Bob_in_MA) In a research note, [Alliance Bernstein economist Joseph] Carson says job losses in prior downturns … Read More
June continues to show strong growth for Reverse Mortgage Lenders, up 8,633 unit sales from May. Although this is still well below the rolling 12 month average, the industry is only .6% lower from last year, showing 58,894 units. Wells … Read More