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 (NYSE:WFC) is a diversified financial services company headquartered in San Francisco. It is the fourth largest bank in the U.S. by assets and the second largest bank by market cap. It is also the second largest bank in deposits, home mortgage servicing, and debit cards in the United States.
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.
The Mole submits: The surprise decision by the PBoC to raise rates by 25bps (I’d now expect tomorrow's GDP and CPI numbers to be upside surprises !) led to de-risking across the board and US stocks suffered their biggest setback in 2 months. The dollar (the $ index DXY +1.7 percent) was the main beneficiary as it had its biggest gain in 6 months. Commodities had a knee-jerk move lower with Gold -2.5 percent, Crude -4 percent, and Copper -3 percent.
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.
By Saibus Research:As everyone knows, Wells Fargo (WFC) is not only an industry leading money center bank and diversified financial institution, but it managed to strengthen itself during the financial crisis with the acquisition of Wachovia Corporation. That acquisition helped catapult Wells Fargo to the position of fourth largest US banking institution by assets.