This entry was posted on Friday, July 27th, 2007 at 8:31 am and is filed under Financing, Agents & Brokers, Market News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Site Search:
July 27, 2007
Wells Fargo Mortgage, the nation’s second largest mortgage company, and one that encouraged me to lie in order to get a mortgage with them, has announced that they will no longer be permitting third-party brokers to issue subprime loans.
The company will continue to offer such loans directly to consumers (which is the method I had pursued when I ran into the loan officer’s ‘encouragement’ to fudge the truth. Hopefully they’ll proceed to further reform their in-house lending practices.
This move is seen as being indicative of widespread broker-abuse and predatory lending problems which have helped contribute to the increasing number of foreclosures across the nation.
read comments (0)