Is Wells Fargo different from Lehman, Bear Sterns, and others who’ve gone under? Do they resell mortgages?
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Dοеѕ Wells Fargo sell thе mortgages thеу underwrite? Dο thеу trade іn mortgage-backed securities? Thе appear tο stay afloat fοr now. Wουld lіkе tο know whаt thеу аrе doing rіght. Thanks!
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I don’t know all the answers you want, but I have had two mortgages sold to Wells Fargo, and they maintained them, they were not resold.
Its common practice for banks to resell mortgages. Pretty much all banks do them. The crisis that we have been experiencing was not because banks were reselling mortgages, but because they were lending out risky loans. They then would bundle up these risky loans or sub prime loans and sell them to investors. Also these risky mortgages were not backed by Freddie Mac and Fannie Mae.
To answer your question I am not sure if they participated in selling sub prime mortgages, but I believe if they were substantially involved then we would have heard about it.