CHARLOTTE, North Carolina (Reuters) - Wells Fargo & Co may have to buy back an additional $1.8 billion in toxic mortgages from outside investors on top of claims it already received, the fourth-largest U.S. bank by assets said in a securities filing on Friday.
Reuters - Wells Fargo & Co may have to buy back an additional $1.8 billion in toxic mortgages from outside investors on top of claims it already received, the fourth-largest U.S. bank by assets said in a securities filing on Friday.
(Reuters) - Wells Fargo & Co on Friday reported higher second-quarter profit on strong mortgage banking income as borrowers continued to refinance their homes at low rates. The nation's fourth-biggest bank said net income was $4.6 billion, or 82 cents a share, compared with $3.9 billion, or 70 cents a share, in the same period a year earlier. The San Francisco-based bank is the largest U.S. mortgage lender. (Reporting By Rick Rothacker in Charlotte, North Carolina; editing by John Wallace)
Wells Fargo & Company (WFC) announced results for its first quarter of fiscal year 2014 (1QFY14) just before markets opened today, along with JPMorgan Chase & Co. (JPM) to kick off the earnings season for financial service
(Reuters) - Wells Fargo & Co (WFC), the fourth-largest U.S. bank, has settled claims with a U.S. government agency over bad mortgages the bank sold ahead of the financial crisis, the Financial Times reported on Thursday. The San Francisco bank paid less than $1 billion to resolve claims from the Federal Housing Finance Agency, the overseer of government-backed mortgage enterprises Fannie Mae and Freddie Mac, the newspaper said, citing people familiar with the matter. A Wells Fargo spokesman and the government agency declined to comment.
Wells Fargo (NYSE:WFC) is set to kick off the earnings season for banks this Friday, and although investors would love to see the country's fourth largest bank extend the record earnings streak it has been on, Q4 2012 results are expected to be lukewarm for the bank.
Wells Fargo (WFC) is the fourth largest bank in the U.S. by assets and second largest by market capitalization. The company derives nearly a third of its value from mortgage servicing and home mortgage loans which is the largest source of value for the company, according to our analysis.