Wells Fargo sees noticeable decline in its mortgage business, due to higher interest rates

  • Article by: Associated Press
  • Updated: September 9, 2013 - 3:23 PM

NEW YORK — Wells Fargo, the nation's second-largest bank by deposits, saw a slowdown in its mortgage business last quarter and may have to cut jobs if demand continues to weaken.

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cavellSep. 9, 13 1:48 PM

You would think less loans equals less profits which is a negative on WF stock but why does mention of layoffs result in stock rise? Isn't WF loan business volume dropping?

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dlzabzSep. 9, 13 2:20 PM

Well, according to the Fed since interest rates are rising you should be able to find a nice fast food job in the new economy.

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crestliner62Sep. 9, 13 2:37 PM

The "Refi" boom did not occur...no one is really able to refi since 80% of mortgages are underwater for the most part. Even when interest rates were at rock bottom no one except maybe 20% of the market were able to Refi..bank rules...silly story.

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clnorthSep. 9, 13 3:21 PM

Welcome to the Obama recovery. Food stamps for all!

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rzieskeSep. 9, 13 3:41 PM

The shopper for re-fi's or new mortgages are finding better rates, better service at other lenders especially credit unions.

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mngopherguySep. 9, 13 3:50 PM

"The "Refi" boom did not occur..."(???) Crestliner62 I think you are completely out of touch with what has happened over the past couple years in the mortgage industry. WFHM (as well as Chase) originated more loans month after month and quarter after quarter during that time than it did at any point during in history! In many cases, these are loans that were delivered via programs that took into account negative equity to help the upside down homeowner.

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johno3Sep. 10, 13 9:11 AM

Crestliner - I suggest you look into the HARP program. If a homeowner has good credit and is not behind on their Mortgage, they can refinance even though they are underwater. I did and it saved me almost $500/mo. And BTW this is an Obama program.

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