Wells Fargo
Posted: Tue Nov 27, 2007 5:14 pm..
Wells Fargo & Co, the second-largest U.S. mortgage lender, said on Tuesday it would take a $1.4 billion fourth-quarter charge largely related to losses on home equity loans as the nation's housing market deteriorates.
The company, which is also the fifth-largest U.S. bank, said it also was significantly scaling back making home equity loans through brokers, citing a need to tighten lending standards and reduced demand from investors to buy the loans.
Wells Fargo said in July it would stop making subprime home loans, which go to people with weaker credit, through brokers......
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Wells Fargo & Co, the second-largest U.S. mortgage lender, said on Tuesday it would take a $1.4 billion fourth-quarter charge largely related to losses on home equity loans as the nation's housing market deteriorates.
The company, which is also the fifth-largest U.S. bank, said it also was significantly scaling back making home equity loans through brokers, citing a need to tighten lending standards and reduced demand from investors to buy the loans.
Wells Fargo said in July it would stop making subprime home loans, which go to people with weaker credit, through brokers......
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