Subprime Lending
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Wells Posts Record Net Income In Spite of Subprime Drain
Apr 17, 2007Wells Fargo & Company (NYSE:WFC), until recently widely regarded as the nation’s leading originator of subprime mortgage loans, reported record net income for the first quarter of $2.24 billion, up 11 percent from prior year’s $2.02 billion and up 12 percent from fourth quarter 2006. The company’s gain in earnings came despite $124 million in pre-tax write downs due to the company’s subprime mortgage exposure, including $90 million in adjusted carrying value for subprime loans on the bank’s books. Wells also said revenue was reduced by $34 million due to a decline in the value of its mortgage servicing rights.
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With Foreclosures Up, REOs Now Starting to Flood Market
Apr 16, 2007 -
Fremont Finds Buyer for Majority of Subprime Business
Apr 16, 2007 -
Commentary: Scratch-and-Dent Musings
Apr 14, 2007 -
GE, WMC Cut Back on Lending
Apr 13, 2007 -
Wells Touts Credit Counseling Program for Subprime Borrowers
Apr 13, 2007 -
NovaStar Gets $100M Lifeline from Wachovia, Puts Itself on Auction Block
Apr 11, 2007 -
NAR: Tighter Lending Standards Good for Housing, But Will Dampen Sales
Apr 11, 2007 -
OFHEO: GSEs Still a Concern
Apr 10, 2007
