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geoactionJack

geoactionJack
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  • The current environment is not ideal for earnings growth, says Wells Fargo (WFC -1.7%) CEO John Stumpf on the earnings call, touting his bank's diversity of revenue streams. Well, mortgage banking accounted for 26% of noninterest income (presentation) in Q1, and if you listen to Jamie Dimon, there's little business left for the banks to squeeze out of the HARP program. For Wells, mortgage profit of $2.8B in Q1 was off 9% sequentially, off 3% Y/Y. [View news story]
    Agreed,I am in the process of applying or a loan I have a 800+ credit rating and vast assets, I cannot believe the hurdles that I have to go though. I feel sorry for the border line borrowers.
    I believe this will hold down the housing market recovery. I expect to see a slowing in the next 3 months.
    Apr 14, 2013. 09:06 PM | Likes Like |Link to Comment
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