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

By Ironman (121/130 = 93% civil)   2013 Sep 9, 3:26am   ↑ like (2)   ↓ dislike (1)   2,999 views   28 comments   watch (0)   share   quote  

(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...

#housing

Comments 1-28 of 28     Last »

1   APOCALYPSEFUCKisShostikovitch   2013 Sep 9, 3:27am  ↑ like (4)   ↓ dislike   quote   top   bottom   home   share  

Thirty percent less financial crime is still too much crime.

2   zzyzzx (18/18 = 100% civil)   2013 Sep 9, 5:26am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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   Ironman (121/130 = 93% civil)   2013 Sep 9, 8:01am  ↑ like (2)   ↓ dislike (2)   quote   top   bottom   home   share  

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   2013 Sep 13, 1:19am  ↑ like (2)   ↓ dislike   quote   top   bottom   home   share  

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   Ironman (121/130 = 93% civil)   2013 Sep 13, 4:45am  ↑ like (6)   ↓ dislike (2)   quote   top   bottom   home   share  

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   2013 Sep 13, 5:17am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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   Ironman (121/130 = 93% civil)   2013 Sep 13, 5:36am  ↑ like (2)   ↓ dislike (2)   quote   top   bottom   home   share  

egads101 says

The other one if phoenix, if I remember correctly,

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

8   smaulgld   2013 Sep 13, 7:18am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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

9   nw888   2013 Sep 13, 9:57am  ↑ like (1)   ↓ dislike   quote   top   bottom   home   share  

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 (14/14 = 100% civil)   2013 Sep 13, 10:50am  ↑ like (1)   ↓ dislike   quote   top   bottom   home   share  

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   Ironman (121/130 = 93% civil)   2013 Sep 13, 11:53am  ↑ like (1)   ↓ dislike (2)   quote   top   bottom   home   share  

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   2013 Sep 13, 2:22pm  ↑ like (1)   ↓ dislike   quote   top   bottom   home   share  

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   2013 Sep 13, 2:56pm  ↑ like (2)   ↓ dislike   quote   top   bottom   home   share  

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   Ironman (121/130 = 93% civil)   2013 Sep 14, 12:15am  ↑ like (1)   ↓ dislike (2)   quote   top   bottom   home   share  

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   2013 Sep 15, 3:28am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

Sorry! Someone is STILL wrong on the Internet!!

16   Ironman (121/130 = 93% civil)   2013 Sep 15, 7:34am  ↑ like (1)   ↓ dislike (2)   quote   top   bottom   home   share  

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   Ironman (121/130 = 93% civil)   2013 Sep 15, 7:46am  ↑ like (1)   ↓ dislike (2)   quote   top   bottom   home   share  

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   2013 Sep 16, 12:48am  ↑ like (2)   ↓ dislike (2)   quote   top   bottom   home   share  

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   2013 Sep 16, 8:14am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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   2013 Sep 16, 8:22am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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   Ironman (121/130 = 93% civil)   2013 Sep 16, 9:01am  ↑ like (1)   ↓ dislike (1)   quote   top   bottom   home   share  

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   2013 Sep 16, 11:22am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

Call it Crazy says

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

NO, it means higher real estate prices!

23   Ironman (121/130 = 93% civil)   2013 Sep 16, 11:31am  ↑ like (1)   ↓ dislike (1)   quote   top   bottom   home   share  

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   2013 Sep 16, 11:48am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

smaulgld says

NO, it means higher real estate prices!

Wall Street is betting otherwise.. me too..

25   smaulgld   2013 Sep 16, 12:00pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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   2013 Sep 16, 12:01pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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   2013 Sep 16, 2:25pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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   2013 Sep 16, 10:28pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

egads101 says

with wage inflation too

Hahaha! Good one.

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