Relevant:
- Wells Fargo Names Most of California Severely Distressed
- Wells Fargo Financial Consolidates; 683 offices close, 3800 jobs gone
- Former Wells Chief Says GSEs Should be Eliminated - Kovacevich talks about Wachovia, economy
- Wells Fargo Considering Eliminating Stated Income
- Wells Fargo woes show breadth of mortgage meltdown
2008-10-03 — ml-implode.com
The CEO of Wells was just on CNBC in a lengthy interview with Maria Bartaromo and he said “we never did stated income, low document, no document, interest only or subprime loans.†That is a lie. I have covered Wells to death but here are a couple of documents I think the CEO might like to see. I don’t want to sound like I am coming down on Wells, but it is this type of deception that has turned a crisis of confidence into a full-blown global financial system meltdown.
Give it a read -- Mr. M includes actual Wells rate sheets. In fact the comments of Kovacevich are so misleading I bet they will eventually become fodder for shareholder lawsuits.
Speaking of which, Wells probably is not going to get this merger -- or they will be in for a big fight if they keep trying.
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Comments:
THEWATCHER at 05:44 2008-10-04 said:
I say you email Maria Bartiromo those program and rates sheet examples transparency is vital and even Wells needs to stand up and admit to their mistakes. I know I still have some not to mention MortgageGuy has as few. Hell I thik I even have an old flyer that's in one of the old desks!!LOL Permalinkveritasbroker at 07:35 2008-10-04 said:
I still have all my emails rate sheets and guidelines. One from February 2007 shows 100% LTV Stated Income 640credit score. This was after they started tightening U/W guidelines. Someone needs to call him on the carpet. PermalinkFIXMYLOAN at 04:11 2008-10-05 said:
They had all of the above, and the rep came to my office offering to do a class on Option Arms when I had a Mid Atlantic Capital Branch in NJ. in 2006. I didn't use Wells with one exception - we took over a deal for a branch that was closing - most people tell me how happy they were with u/w and processing - that may be true - my experience with the closing department kept me from ever giving them a deal again. I used them often with another mortgage company earlier in the decade, but that was when I was only an LO and unaware of what the processors might be dealing with...usually only had clean loans, anyway...only an occasional project. Permalinklindajolaw at 13:35 2008-10-09 said:
I had sent them several deals for the products the had as a broker, and everything the man said was a lie. I did use them as a last option as they were terrible at processing and getting anything thru. They currently are holding tons of subprime paper that they can't sell, and will turn them upside down shortly. I heard this directly from a manager that was trying to hire me. Can anyone tell the truth any longer. Permalinkadd a comment | go to forum thread
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