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Wells Fargo tightens mortgage guidelines for Pierce County

deejayohdeejayoh
edited February 2008 in Seattle Real Estate
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.

Comments

  • CougarCougar
    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.
  • deejayohdeejayoh
    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 PRhonda 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.
  • jillaynejillayne
    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.
  • CougarCougar
    Wells Fargo Wholesale Lending – Exhibit C
    February 29, 2008 :shock:

    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
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