My post above was a response to the post just above me
where the underwriter mentions that he is tired of approving
loans for “rich people” when others need the help cant get approved.

What they will end up doing over the next 3-6 months is shut down wholesale all together following Chase’s lead. Then, go out to their best correspondent mortgage banksters and increase their warehouse capacity and let the local/regional mortgage bankers have wholesale.

By the way, below are all if the wells fargo stories in 2008…

# Wells Fargo Stops Doing Limited-Doc GSE Loans (2)
Posted on November 17, 2008 2:45 PM

# Meredith Whitney Speaks on Banks – “Wells Fargo $20 Per Share”! (26)
Posted on November 5, 2008 8:18 PM

# Wells Fargo Absolutely Did Subprime, Stated, Interest Only, No Ratio Etc (71)
Posted on October 3, 2008 3:59 PM

# WSJ – Wells Fargo Cheated on Earnings Again! (27)
Posted on August 14, 2008 10:55 PM

# Mystery Surrounds Wells Fargo’s Earnings (42)
Posted on July 17, 2008 1:39 PM

# Warren Buffet – ‘Wells Fargo to Experience Unusually Large Losses’ & BofA May Cut Dividend (32)
Posted on May 8, 2008 1:40 PM

# WELLS FARGO SETS SERIOUS NEW RULES ON WHOLESALE LOAN LOCKS (5)
Posted on April 28, 2008 4:59 PM

I just think MM is the type of person that would like bigger lenders to pull out. Many have cut off the bottom tier brokers including HSBC and Provident , etc. As far as hiring job announcements are posted ,but of course you can call to verify.

Let me add , MM posted in November that WF was closing 8 out of 9 sites. Is he man enough to ever print a retraction when he is wrong ?

Where do you get that M.M. implies there is something wrong with conservative borrowers taking advantage of low rates?

The statement is more a response that the government is spending tax payer money to keep rates low in an attempt to solve the housing crisis, but failing. Again all the money spent ends up in the hands who need it least.

As MM stated before the low interest rates will in effect provide homeowners with the Dear John letter. No more love from their home. Once the appraisal is finalized reality will surface; there will be no more cash outs!!

The borrower can continue to pump money into a one sided relationship or cut its losses. If they are smart they should stay in the home for the next 6-12 months until foreclosure is finalized or politicians promulgate more foolish and divisive legislation.

Richard Roberts,
Why would you attack MM for not providing his confidential source when you state you know wholesale is hiring and provide no references? You also state they did cut off a few tier 3 brokers. Reference?

Are you certain they are hiring for wholesale? Perhaps they are just hiring underwriters that will go to retail if they are able to effectively boycott brokers and correspondents; provided rates remain low. Perhaps the hiring is BS.

Could it be possible that Wells et. al are cutting brokers for lack of solvency vs. production?

All lenders have agreements with brokers to repurchase loans originated via fraudulent terms.

Undoubtedly, investors want them to go after these brokers for the toxic loans and replace the bunk deals with good deals, but most likely 95% of all brokers during the last 5 years were/are financially unable to buyback any of the loans they originated. These provisions were more to falsely comfort the investors. In addition, this would OPEN the door to the lenders repurchasing loans that were fraudulently originated by their own retail agents.

There is RARELY EVER any one reason people make decisions.

Please quit with the criticisms, especially the hypocritical ones; these are brief articles not intended to address every angle of the topic discussed.

They are hiring hundreds in Wholesale, why don’t you do a report that ?