what industry consolidation could mean for consumers: What Industry Consolidation Could Mean For Consumers
- 09/20/11 04:12 PM
Wells Fargo announced that they are exiting the reverse mortgage business, after more than 20 years of offering reverse mortgages. While it may not have been the shot heard around the world, it is interesting that Wells Fargo is not alone. Bank of America announced their exit from the reverse mortgage business in February of this year. Even more interesting is that both occupied the #1 and #2 slots as the top volume reverse mortgage lenders in the country. What will their exit mean for consumers? By all accounts, the industry is still going strong. A 2011 Harvard Housing Study predicted … (1 comments)
Wells Fargo announced that they are exiting the reverse mortgage business, after more than 20 years of offering reverse mortgages. While it may not have been the shot heard around the world, it is interesting that Wells Fargo is not alone. Bank of America announced their exit from the reverse mortgage business in February of this year. Even more interesting is that both occupied the #1 and #2 slots as the top volume reverse mortgage lenders in the country.
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