National Home Equity Group

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Wells Fargo to Take $1.4 Billion Charge, Will Liquidate $11.9 Billion in Home Equity Loans

Nov 27, 2007By

Wells Fargo & Company said today that it will take a charge of $1.4 billion cover losses in its mortgage portfolio, while further tightening its underwriting standards for home equity lending. The bank said in a press statement that it will no longer originate home equity loans through wholesalers where the CLTV (combined loan-to-value) is 90 percent or higher, or where the second mortgage is not behind a Wells Fargo first mortgage.

3d rendering of a row of luxury townhouses along a street

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