Relevant:
- Wells Fargo woes show breadth of mortgage meltdow
- Wells Fargo Financial Consolidates; 683 offices close, 3800 jobs gone
- Wells Fargo earnings fall 11 percent on rising loss reserves
- Wells Fargo & Company, WFC - Wells Fargo decided to close Consumer Mortgage Lending in Canada
- Fed fines Wells Fargo over US subprime mortgages
2007-11-29 — sfgate.com
On Tuesday, Wells Fargo said it will set aside $1.4 billion for home-equity loans it expects to go bad in 2008 and 2009. What it didn't say in its news release was that these are not loans to borrowers with subprime credit scores.
"This was a prime portfolio," Wells Fargo spokesman Chris Hammond says.
The average FICO credit score for all Wells Fargo home-equity loans is 750, well into prime territory.
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