Let's Put Wells in Charge of Housing
Just put Wells Fargo (WFC) in charge of housing. Given how bad the Case-Shiller numbers are -- totally out of synch with the rest of the economy -- and given how well Wells Fargo has handled its mortgage problems, it wouldn't be such a bad idea to just have Wells design and execute the next federal program for housing relief. I say next, because from all accounts this new one is looking stillborn like the rest of them.
I am not being facetious here. Think of this mortgage industry. Wells has a $1.8 trillion portfolio. It handles 26% of originations. It has had a remarkable decline in the total delinquency and foreclosure rate for residential mortgages in the last year, from 8.96% to 7.63%. That's a staggering level of improvement, especially when you consider the portfolio of terrible mortgages it got from its Wachovia acquisition, including a horrid top-of-the-market basket of mortgages from Wachovia's 2006 purchase of Golden West....324 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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