Wells Fargo & Co., aiming to translate home-lending clout into bigger profits, is building a team to package and trade mortgage-backed securities and curb reliance on Wall Street firms as a market recovery takes hold. The lender named Mike Buttner to head the residential loan- backed securities unit and expanded its mortgage-bond desk to 30 employees from five, Tim Mullins, 45, head of fixed-income trading at the San Francisco-based company, said in an interview yesterday. The bank expects the market for securitizations to strengthen by year’s end after investor demand for loans lacking government guarantees collapsed during the credit crisis.
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This column is for you if “even the mere thought of not answering your phone makes you start huffing into a brown paper bag,” HousingWire Columnist Dustin Brohm writes.
The dramatically limited supply of houses for sale is continuing to drive increase in home prices as buyers are often left fighting over the few houses that are on the market.