And another giant falls. Here's the link: http://biz.yahoo.com/rb/070726/wellsfargo_nonprime.html?.v=1
I hate to see it - I've had great success with Wells Fargo subprime over the years. They eliminated the 2/28 product earlier this week and several other lenders followed suit. I believe the 3/27 ARM will be next; the 5/25 ARM is much more stable anyway. When the subprime crisis began to take shape, Wells was among the first to eliminate the lower credit tiers, so this wasn't entirely unexpected. It's a shame that 170 people are out of work, though.
Since they were based in Baton Rouge, it looks like I'll be adding some personnel. =)
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