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  • Wells-Wachovia: Good for Everybody but Citi [View article]
    As a retired real estate broker, I can remember when, if a loan could not be placed anywhere, it could be placed at World Savings. Wachovia bought out World and now Wells Fargo has bought out Wachovia. All
    those dodgy loans will cause WFC more than a minor headache. A further ten per cent drop in real estate prices, perhaps more, is a given.
    Extending the time to 240 days before declaration of default won't help either. Option ARM loans often did not even require the payment of the
    monthly interest. World Savings was specially good at devising creative ways to qualify dodgy borrowers chasing the American dream.
    The jingle mail should be heavy in the coming months as unemployment numbers gather steam.
    Disclosure: Own synthetic shorts in WFC.
    Oct 03 19:27 pm |Rating: 0 0 |Link to Comment
  • Talk Me Down From the Wells Fargo Ledge [View article]
    The unemployment numbers tomorrow, Friday, Oct. 3rd, will provide
    everyone with an excuse to dump WFC common. RB1253 has it exactly
    right. The double whammy is what will hammer the common. Unemployment + no equity left in many homes because of the 40% drop
    in prices in many areas of California will cave in WFC. I live in a very affluent community and even here the complaints are many about the
    outside condition of neglected homes. Neglected because the maintenance expense is unaffordable when your income stream has
    been replaced by an unemployment check. Mortgage + HELOC payment? Well, maybe when things improve.

    Disclosure: synthetic short portfolio of WFC
    Oct 02 19:01 pm |Rating: 0 -1 |Link to Comment
  • Wells Fargo Is Not Interested in Others' Junk...Surprised? [View article]
    Some reporter please ask Mr Stumpf whether the securities in the "hold
    to maturity" portfolio are the same as the securities in the "for sale portfolio", whether the valuations are the same for like securities, and
    what is the bank's rationale for the difference in valuations for like securities. That is 0.22 cents in the "held for sale" portfolio and same
    securities valued in the "held to maturity" portfolio valued at $1.00.
    The disingenuosness of his reply should be hilarious.
    Sep 01 15:54 pm |Rating: 0 0 |Link to Comment
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