2009-07-15 — nakedcapitalism.com
Wells Fargo sold $600 million in mostly non-performing subprime loans to Irvine, Calif.-based Arch Bay Capital, National Mortgage News reported, citing sources familiar with the sale.
The industry publication said the loans sold for 35 cents on the dollar, about double what most hedge funds were offering.
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catherine at 02:47 2009-07-16 said:
and the Wells boys said they had no garbage................seems like they have a whole basement full - (NOVA LOANS :roll: ) since we didn't know about this - WHAT ELSE HAVEN'T THEY TOLD US - and those credit cards aren't pretty either and oh yeah "A" grade loans are tanking as fast as subprime............ and where did Arch Capital get their money - are they TARP BABIES TOO, since Mr. Transparency :lol: :lol: LIES EVEN BETTER AND BIGGER THAN SLICK ...... :P so this toxic crap was probably just another present bought for us the taxpayer..........YOU JUST CAN'T MAKE THIS CRAP UP............... Permalinkmortgagemess at 03:36 2009-07-16 said:
This is simply why homeowners will not win when it comes to getting loan modifications. Mr. Smith has a house that he owes 300K on..falls behind on his mortgage and goes for a modification...meantime his lender has sold his 300K note to another company for 125K...now the value of the home is 240K...so the new lender has EQUITY..wny should they do a loan mod? Permalinkadd a comment | go to forum thread
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