Timbo

Wells Fargo: Strong and Getting Stronger

I remember reading stories from "Analysts" saying how great it was for Wacovia to be buying Golden West. Same argument. Wells has marked its portfolio to fantasy. It will take time for the HELOCs to go down but down they will go. Next year we will be reading about poor Wells and their hard times. Who would think 80 Billion in HELOCs, biggest group in California, would lose value? Who indeed?

Talk Me Down From the Wells Fargo Ledge

I live in California. If you listen to what they say about their loans you can only conclude that they are lending to a shadow California where prices are still high and home equity still means equity. I wish they would tell me where this is. I'm ready to move there.