Games Banks Play (WFC)

This borrower couldn't pay and thus stopped doing so. This should generate a "NOD" (Notice of Default) and ultimately lead to foreclosure, right? It should result in an impaired asset which might be sold to some other company (at a discount), right?

It got sold all right - right at the "120 day" late point where Wells counts a loan as "defaulted."

But look at who it got sold to.....