DISQUS

John Kim · 10 months ago

It's so upsetting that people couldn't be more rational and not get these jumbo loans.

morganb · 10 months ago

Hi John,

It's not just jumbo loans. Any sized loan could go to 100%. It's just a shame that people kept maxing out their house value with 100% financing time after time, fueling an unsustainable lifestyle.

Fielding Mellish · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bright as the sun on that California coast
He was a midwestern boy on his own
She looked at him with those soft eyes,
So innocent and blue
He knew right then he was too far from home he was too far from home".

morganb · 10 months ago

Fielding,

What's funny was the underwriting and risk guidelines that gave them the confidence to go behind an option ARM. Banks justified going behind neg-am notes by simply grossing up the current loan value to 115%. Supposedly that extra 15% was to protect them from the effects of negative amortization.

We know that a 15% cushion is laughable with the combined effects of negative amortization and downward housing prices.

The risk analysis on this stuff was so poor and so short sighted. Amazing.

MinnItMan · 10 months ago

FM's comments are interesting and correct as to the facts: WFHM did the firsts and Wells Fargo Bank did the seconds. I quibble a little about the ulitimate difference, though. WFHM, I believe, purchased megatons of Ocwen and Ameriquest waste (whatever Citi couldn't stomach?). For whatever reason, WF is not associated with bad paper, but most of my research suggests they are likely the biggest holder still standing.

Another implication of what FM is saying was the instant 2nd origination platform that WFB used, along all the other biggies. Based on a glorified credit check, Wells would be ready to close in minutes (no title or appraisal). I am told this is an unbelievable cluster ....

morganb · 10 months ago

And, now that WF has combined with Wachovia (official today) they now are sitting on piles of bad 2nd mortgages and ticking time-bombs that are the Option ARMs. This is going to end badly, very badly.

MinnItMan · 10 months ago

Oh, and I forgot: Fannie and Freddie limit to $3000 what a second mortgagee may be paid in a short sale on one of their loans. While I wouldn't say that this is becoming the default value of the seconds (regardless of loan size), I won't be shocked if it is in another six months.

David · 10 months ago

Simple.... put in place your loan modification agreement with the first, immediately file a bankruptcy (Chapter 13), strip the 2nd as unsecured and then have the court approve the modification of the first within the plan.

morganb · 10 months ago

David,
But aren't most second mortgages "recourse" debt that would be subject to recapture activity by the lender just like credit cards? The 2nd wouldn't be completely stripped would it?

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey as they needed to be to drum up maximum loan volume.

It calls to mind an old Bob Seger lyric that should should have special resonance for Dick Kovacevich (chairman of Wells & former Norwest CEO):

"She stood there bri

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

Morgan · 10 months ago

Wells routinely went into 2nd position behine Option ARMs. They simply noted the balance of any already existing first mortgage from the credit report and did not demand to see a copy of the Note to determine whether it had neg am potential. That they went into 2nd position behind Option ARMs is particularly odd given that they were not much into doing Option ARMs as first mortgages. I attribute the odd diverging risk tolerance to the fact that Wells Fargo Home Mortgage was (and still is) largely run by the old Norwest mortgage folks from MN. When Norwest bought Wells, Norwest's generally conservative mortgage bosses kept running mortgage. The banking side of Wells was much more the province of the Californians. So, in typical gold-rush fashion, the banking side was as loosey-goosey ... (comment via Disqus by Morgan)

deden m. ihsan · 10 months ago

Visiting to test FriendFeed/Disqus Comment Sync. Great, I seen this works great on your FF.