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  • Wells Appears to Be Covertly Offloading Subprime Loans [View article]
    Remember, the CEO's of the big banks have been saying that they didn't do a lot of subprime...that they were good little banks and followed the rules...

    Fact is that these guys own as much or more subprime as did anyone...

    By selling privately and in the shadows, they can keep their image and repuration in tack....

    If they are goiing to discount, why not to the current owner...
    Jul 16 10:04 am |Rating: +5 -1 |Link to Comment
  • Wells Fargo Sows the Seeds for Next Foreclosures Crop  [View article]
    One more thought....

    The servicing issues related to the seller funded down payment gift process does not correlate to foreclosure....

    A down payment is a one time event...money is put into the deal....from savings or a gift

    Monthly payments are made...well, monthly, usually out of income, and, at times, out of remaining liquid assets.

    Job stability....and less income leverage....are far more crucial to the monthly payment process than is the down payment....
    Jul 10 09:01 am |Rating: +2 0 |Link to Comment
  • Wells Fargo Sows the Seeds for Next Foreclosures Crop  [View article]
    Wrong, Bill.

    The mid-1980's asset bubble in residential real estate, which became the 1990/92 recession...and part fo the RTC legacy, was fueled by large down payments...25% down got you a hall pass on the general qualification documentation requirements....

    Based on the false logic in the WSJ article...and the non-questioning readership, too many are focusing on the wrong elements of the credit process.
    Jul 10 08:55 am |Rating: +3 -3 |Link to Comment
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