Relevant:
- Wells Fargo's Balance Sheet: Scaring the Horses
- Wells Fargo in $591 million deal with Fannie Mae
- Wells Fargo & Company, WFC - Wells Fargo decided to close Consumer Mortgage Lending in Canada
- Wells Fargo Financial Consolidates; 683 offices close, 3800 jobs gone
- Wells Fargo to Take Hit on $480 Million of GSE Preferreds
2009-02-02 — minyanville.com
"The lending partner for Arbor Homes is Wells Fargo. How can Wells offer a fixed rate of 3.875% for 30 years given the current rate term structure and conditions in the MBS/CDO markets?
The only answer I can come up with is this: Wells Fargo is going to promptly bundle and dump those securities straight into the insolvent arms of Freddie Mac (FRE) and Fannie Mae (FNM). Who else would take them? "
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MortgageDrummer at 05:49 2009-02-03 said:
OH NO!!!! WELLS FARGO DOESN'T WANT ANYONE TO KNOW EXACTLY WHAT THEIR BALANCE SHEET LOOKS LIKE AND NEITHER DO THEY. SO LETS SEE?? HOW ABOUT REFINANCE EVERYONE THAT IS NOT PAYING THEIR MORTGAGE PAYMENT WITHOUT AN APPRAISAL. OH, YEAH, , (hahaha) THOSE STUPID BORROWERS DON'T EVEN KNOW THAT THEY LOST $100,000.00 OF THEIR EQUITY BUT THE BANK IS WILLING TO DO A STREAMLINE REFINANCE AT THE CURRENT BALANCE OF WHICH THEY ARE UP SIDE DOWN AND ALL OF THAT WITH OUT AN APPRAISAL SO THAT THE VALUE OF THE HOME WILL NEVER BE DISLCOSED TO THE BORROWER. . . JUST TRY TO SELL YOUR PROPERTY AND FIND OUT THAT YOU NEED ANOTHER $100,000.00 TO COME TO THE CLOSING TABLE WITH IN ORDER TO SELL IT. . NOW HOW DOES THAT MAKE YOU FEEL AFTER YOU HAVE BEEN PAYING ON A NEGATIVE ASSET ON WHICH HAD YOU KNOWN YOU WOULD HAVE LEFT AND RENTED SOMEWHERE INSTEAD AND TOOK "YOUR RIGHT OFF NOW" !!! "NOW THATS FRAUD" AND REMEMBER " YOU CAN'T TEACH ETHICS OR REGULATE HONESTY" :cry: Permalinkadd a comment | go to forum thread
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