Wells Fargo expects to make fewer U.S. home loans this quarter


By Call it Crazy   Follow   Mon, 9 Sep 2013, 10:26am   893 views   28 comments
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(Reuters) - Wells Fargo & Co, the largest U.S. mortgage lender, expects to make 30 percent fewer home loans this quarter due to rising interest rates, its financial chief said on Monday.

The fourth-largest U.S. bank estimates it will make $80 billion of home loans in the third quarter compared with the $112 billion it made in the second quarter, Chief Financial Officer Tim Sloan said at a conference hosted by Barclays Plc in New York.

That would mark the first quarter since mid-2011 that Wells Fargo did not make at least $100 billion in home loans.

http://finance.yahoo.com/news/wells-fargo-expects-fewer-u-151704188.html

Can only mean one thing... There will be 30% MORE cash buyers...

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  1. APOCALYPSEFUCKisShostikovitch


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    1   10:27am Mon 9 Sep 2013   Share   Quote   Permalink   Like (4)   Dislike  

    Thirty percent less financial crime is still too much crime.

  2. zzyzzx


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    2   12:26pm Mon 9 Sep 2013   Share   Quote   Permalink   Like   Dislike  

    Call it Crazy says

    Can only mean one thing... There will be 30% MORE cash buyers...

    Or less buyers....

    It certainly means less Wells Fargo employees.

  3. Call it Crazy


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    3   3:01pm Mon 9 Sep 2013   Share   Quote   Permalink   Like (2)   Dislike (1)  

    RentingForHalfTheCost says

    The only sure thing you can conclude from this is that we will have less Wells Fargo employees paying all CASH for homes.

    Looks like the Bank of America employees will join them...

    Bank of America slashes 2,100 jobs

    According to Bloomberg, the worst is not over for Bank of America (BAC) mortgage employees, with the mega bank announcing plans to eliminate 2,100 jobs and close 16 mortgage offices as rising interest rates weaken loan demand.

    http://www.housingwire.com/articles/26733-bank-of-america-slashes-2100-jobs

  4. veruca


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    4   8:19am Fri 13 Sep 2013   Share   Quote   Permalink   Like (2)   Dislike  

    I'm confused. Why are they laying off so many employees if posters here are saying the housing market is strong and prices are going to keep going up due to strong demand. Serious question to those guys

  5. Call it Crazy


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    5   11:45am Fri 13 Sep 2013   Share   Quote   Permalink   Like (6)   Dislike (1)  

    egads101 says

    Well, maybe posters here are more knowledgeable than you?

    Too bad you're not one of them....

    egads101 says

    for the past years 65% of all loans have been REFINANCE LOANS.

    Which makes 35% for PURCHASES!!!

    Now pull out a big chunk of the 65% going to cash-out refi's and what happens to the economy?? Think Lowes, Home Depot, boats, cars, home improvements, vacations, juniors college payments, etc..

    egads101 says

    the oracle is never wrong

    Have you found someone yet to help carry that HUGE, ego driven head of yours around??

    veruca says

    if posters here are saying the housing market is strong and prices are going to keep going up due to strong demand.

    The only ones saying that are the slumlords here that are over-leveraged on their empires and are scared shitless of a down-turn in the housing market!!

  6. nw888


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    6   12:17pm Fri 13 Sep 2013   Share   Quote   Permalink   Like   Dislike  

    Call it Crazy says

    Have you found someone yet to help carry that HUGE, ego driven head of yours around??

    Most likely an Indonesian prostitute.

  7. Call it Crazy


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    7   12:36pm Fri 13 Sep 2013   Share   Quote   Permalink   Like (2)   Dislike (1)  

    egads101 says

    The other one if phoenix, if I remember correctly,

    Which guy would that be, he seems to have multiple personalities??

  8. smaulgld


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    8   2:18pm Fri 13 Sep 2013   Share   Quote   Permalink   Like   Dislike   Protected  

    WellsFargo is expecting this because they havent heard there is a big recovery in housing in full swing

  9. nw888


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    9   4:57pm Fri 13 Sep 2013   Share   Quote   Permalink   Like (1)   Dislike  

    Bitter because I make enough money to buy a multimillion dollar home? Okay. Entitled because I want to get a good deal on my purchase? Okay.

  10. mell


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    10   5:50pm Fri 13 Sep 2013   Share   Quote   Permalink   Like (1)   Dislike  

    Call it Crazy says

    Which guy would that be, he seems to have multiple personalities??

    That split personality issue is really getting out of hand ;)

  11. Call it Crazy


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    11   6:53pm Fri 13 Sep 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    mell says

    Call it Crazy says

    Which guy would that be, he seems to have multiple personalities??

    That split personality issue is really getting out of hand ;)

    Plus, always talking in the third party sense.... There's medication that can help him with his condition....

  12. veruca


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    12   9:22pm Fri 13 Sep 2013   Share   Quote   Permalink   Like (1)   Dislike  

    egads101 says

    veruca says

    I'm confused. Why are they laying off so many employees if posters here are saying the housing market is strong and prices are going to keep going up due to strong demand. Serious question to those guys

    Well, maybe posters here are more knowledgeable than you? for the past years 65% of all loans have been REFINANCE LOANS.

    as rates rise, refinance loans tank; Purchase loans have been relatively stable when compared to last year.

    Serious answer to you. the oracle is never wrong; housing is going to lull into the spring, but prices will be higher next year.

    I know others are more knowledgeable. That's why I asked the question. Why are you so nasty?? I see why you have such a low rating as a teacher at your college. Unbelievable, how you treat people. Thank you to everyone who answered politely and unbarbaric.

  13. Analyzer


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    13   9:56pm Fri 13 Sep 2013   Share   Quote   Permalink   Like (2)   Dislike  

    Beep, beep, beep...........................this is a public service announcement to the fellow board members (aka nitwits): There are outlets and professional services available to deal with anger management issues. I can assure you Patrick.net will not be your source of healing. Let me know if you need any assistance locating such services in your local area.

  14. Call it Crazy


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    14   7:15am Sat 14 Sep 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    Analyzer says

    Beep, beep, beep...........................this is a public service announcement to the fellow board members (aka nitwits): There are outlets and professional services available to deal with anger management issues. I can assure you Patrick.net will not be your source of healing. Let me know if you need any assistance locating such services in your local area.

    Ha Ha Ha.... Perfect!!!

  15. freak80


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    15   10:28am Sun 15 Sep 2013   Share   Quote   Permalink   Like   Dislike  

    Sorry! Someone is STILL wrong on the Internet!!

  16. Call it Crazy


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    16   2:34pm Sun 15 Sep 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    egads101 says

    If your question was truly just for information, and not sarcastic, then I apologize.

    Stop The CLOCK!!! He apologized for something he typed.... Holy Crap!!!

    You still forgot to call him an idiot and a nitwit!!

  17. Call it Crazy


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    17   2:46pm Sun 15 Sep 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    egads101 says

    Call it Crazy says

    You still forgot to call him an idiot and a nitwit!!

    It's ok, I have you to satisfy that basic need...

    Oh come on, the day wouldn't be complete without you stooping to your typical 2nd grade name-calling.....

  18. Iwag


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    18   7:48am Mon 16 Sep 2013   Share   Quote   Permalink   Like (2)   Dislike (2)  

    Roberto Ribas spends his time on here acting like a child under an assumed name, but we all know this despised community college teacher for who he really is. he cant hide how much of a cunt he is even if he tried

  19. FunTime


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    19   3:14pm Mon 16 Sep 2013   Share   Quote   Permalink   Like   Dislike  

    Just knowing refis are booked as mortgage income by a bank should be enough reason never to take a mortgage. The whole biz is bs. The article says rising mortgage rates are hurting their business, but it also must be really helping their business because who do you think gets all that interest! Are you fin stupid? Banks must be super excited during this period of high prices AND higher interest. Even if it only lasts a couple of months that's probably billions of dollars. It's great to be a bank. People don't even understand how you make money. I don't even understand it.

  20. FunTime


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    20   3:22pm Mon 16 Sep 2013   Share   Quote   Permalink   Like   Dislike  

    egads101 says

    Well, maybe posters here are more knowledgeable than you? for the past years 65% of all loans have been REFINANCE LOANS.

    as rates rise, refinance loans tank;

    I agree with others here who think that sounds like a pretty big problem. Thus the layoffs and reduction of mortgage departments by the major banks. Party's over. For now. They might think of another way to throw a party.

  21. Call it Crazy


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    21   4:01pm Mon 16 Sep 2013   Share   Quote   Permalink   Like (1)   Dislike  

    FunTime says

    I agree with others here who think that sounds like a pretty big problem. Thus the layoffs and reduction of mortgage departments by the major banks.

    It's a real big problem if your one of those loan originators who got laid off....

  22. smaulgld


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    22   6:22pm Mon 16 Sep 2013   Share   Quote   Permalink   Like   Dislike   Protected  

    Call it Crazy says

    Can only mean one thing... There will be 30% MORE cash buyers...

    NO, it means higher real estate prices!

  23. Call it Crazy


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    23   6:31pm Mon 16 Sep 2013   Share   Quote   Permalink   Like (1)   Dislike  

    smaulgld says

    Call it Crazy says

    Can only mean one thing... There will be 30% MORE cash buyers...

    NO, it means higher real estate prices!

    Are you crossing over to the dark side??

  24. kmo722


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    24   6:48pm Mon 16 Sep 2013   Share   Quote   Permalink   Like   Dislike  

    smaulgld says

    NO, it means higher real estate prices!

    Wall Street is betting otherwise.. me too..

  25. smaulgld


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    25   7:00pm Mon 16 Sep 2013   Share   Quote   Permalink   Like   Dislike   Protected  

    Call it Crazy says

    smaulgld says

    Call it Crazy says

    Can only mean one thing... There will be 30% MORE cash buyers...

    NO, it means higher real estate prices!

    Are you crossing over to the dark side??

    Absolutely not- just kidding

  26. smaulgld


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    26   7:01pm Mon 16 Sep 2013   Share   Quote   Permalink   Like   Dislike   Protected  

    kmo722 says

    smaulgld says

    NO, it means higher real estate prices!

    Wall Street is betting otherwise.. me too..

    Me too-lower prices coming up-read all my threads

  27. Facebooksux


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    27   9:25pm Mon 16 Sep 2013   Share   Quote   Permalink   Like   Dislike  

    egads101 says

    Call it Crazy says

    You still forgot to call him an idiot and a nitwit!!

    It's ok, I have you to satisfy that basic need...

    I'm gonna be honest here, Roberta:

    That was funny.

  28. freak80


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    28   5:28am Tue 17 Sep 2013   Share   Quote   Permalink   Like   Dislike  

    egads101 says

    with wage inflation too

    Hahaha! Good one.

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