Wells Fargo tightens mortgage guidelines for Pierce County

[deejayoh]

I tracked down the pdf, and it names Pierce County as an "at risk" market, with the lowest category -"soft", versus "distressed" or "severely distressed"

first Washington County to crack the charts. other lenders expected to follow suit. Basically means 85% maximum LTV.

http://calculatedrisk.blogspot.com/2008 ... tgage.html

good thing it's not seattle.

[Cougar]

DJ,
Are you sure it's Washington, Pierce County? I read the article and I saw Wisconsin, Pierce County. They say there is a market in Washington State but I can't locate it.

[deejayoh]

yup. there were two counties in Wisconsin, and one of them was named Pierce - but I'm sure it was Pierce County, Wa as well.

[Rhonda P]

I heard from a good source last week that Wells Fargo was adding Pierce County WA to their soft list. WaMU has most of WA on their soft list...even Bellevue and Seattle--and they're not even in Pierce County. WaMU's list is by zip code and I'm not sure that anyone in WA state was excluded.

[jillayne]

It won't be long before other WA state counties are added. I give it at the most 45 days and we'll see counties like Thurston, Clark, and Yakima added to the list of soft markets.

Just find one of those handy charts that shows where a higher percentage of the subprime loans were made and those will be next.

[Cougar]

Wells Fargo Wholesale Lending – Exhibit C
February 29, 2008

Wells Fargo Wholesale Lending
At Risk Markets (Restricted Markets)

Washington State
Pierce County - Soft Market

Wells Fargo Wholesale Lending
Restricted Markets – Freddie Mac Owned
Streamline (FOSR)

Washington State
Kitsap County
Pierce County
Thurston County
Whatcom County