Wells Fargo Eliminates Subprime Mortgage Lending

Real Estate Agent with yourChoiceRealty.net

Getting a subprime, or non-conforming mortgage, just got a lot harder. Wells Fargo, the third-largest bank in the U.S., announced it is closing a division devoted to issuing what they call "non-prime" mortgages, car loans, and credit-card loans. The bank will no longer issue subprime loans and is eliminating 3,800 related jobs. Wells Fargo was one of the leading mortgage lenders during the last housing boom.

Comments (1)

Michael Pond
Guaranteed Rate, Inc - Charlotte, NC
The Michael Pond Team

Subprime loans are proforming much better these days.  I think we will see a make sense version of subprime come back in the next few years.   Thanks for your post!

Jul 09, 2010 03:39 PM