Relevant:
- Wells Fargo's Balance Sheet: Scaring the Horses
- Wells Fargo in $591 million deal with Fannie Mae
- Wells Fargo & Company, WFC - Wells Fargo decided to close Consumer Mortgage Lending in Canada
- Wells Fargo Financial Consolidates; 683 offices close, 3800 jobs gone
- Wells Fargo to Take Hit on $480 Million of GSE Preferreds
2009-02-02 — minyanville.com
"The lending partner for Arbor Homes is Wells Fargo. How can Wells offer a fixed rate of 3.875% for 30 years given the current rate term structure and conditions in the MBS/CDO markets?
The only answer I can come up with is this: Wells Fargo is going to promptly bundle and dump those securities straight into the insolvent arms of Freddie Mac (FRE) and Fannie Mae (FNM). Who else would take them? "
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