Items Tagged with 'Wells Fargo'

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Borrowers love Wells Fargo’s 3% down program

Program makes up about 3% of new apps
First-time homebuyers are taking a liking to Wells Fargo’s 3% down program as applications came in at $1 billion during the program’s first month. Wells Fargo spoke about the success of the program on the company’s earnings conference call.
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Homebuilder confidence holds steady in July

Confidence fell one point, but still in a positive range
“For the past six months, builder confidence has remained in a relatively narrow positive range that is consistent with the ongoing gradual housing recovery that is underway,” said NAHB Chairman Ed Brady. “However, we are still hearing reports from our members of scattered softness in some markets, due largely to regulatory constraints and shortages of lots and labor."
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Wells Fargo earnings in line with expectations

Reports earnings of $1.01 per share
Wells Fargo earnings came in in-line with Capital IQ Consensus at $1.01 per share. Revenue rose by 4% from last year. The company's second quarter results demonstrated ability to generate consistent performance during periods of economic, capital markets and interest rate uncertainty.
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Supreme Court to consider Miami's predatory lending suit against Bank of America, Wells Fargo

Won't decide case, but could rule on city's ability to sue for lending discrimination
The U.S. Supreme Court announced Tuesday that it will hear arguments during its next term on whether the city of Miami can sue Bank of America and Wells Fargo for alleged predatory lending. The city sued the megabanks in 2013, accusing the banks of "disproportionately placing vulnerable, underserved minority borrowers in loans they cannot afford."
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Bank of America, Citigroup brace for annual stress tests

History of failure so far
Both of these banks failed the stress tests a combined total of five times. The annual tests could even be holding the banks back from giving more $$$ to their shareholders. While banks such as Wells Fargo seem to be going fine, others, such as Bank of America and Citigroup, just can’t seem to catch on.
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Trailblazer: Caliber Home Loans markets first non-prime mortgage bond

Can only get single-A, for now
There are pros and cons to this deal. Nearly half of the borrowers in the deal show a prior credit event, including foreclosure, bankruptcy, short sale or deed in lieu of foreclosure. However, the average borrower holds $230,000 in liquid reserves. And Fitch said there are some concerns on the issuer side as well, which limited the strength of the rating. The highest pool is single-A.
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MBA: Mortgage credit still getting tighter

Low-down mortgages not boosting closings
The mortgage credit box tightened for the third month in a row, except this time, contrary to previous months, all four indices tightened. This is despite efforts to promote 3% down programs to loosen mortgage credit. Freddie Mac's vice president of affordable lending and access to credit explains what the hold-up is, and why conditions continue to tighten.
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