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The current environment is not ideal for earnings growth, says Wells Fargo (
) CEO John Stumpf on the
, touting his bank's diversity of revenue streams. Well, mortgage banking accounted for 26% of noninterest income (
) in Q1, and if you listen to
, 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.
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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
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