#1 SubPrime Lender Is Quitting Real Estate Financing?!?!
Channel: Stock Docta' Trading
Date: 2023-01-11

#wellsfargo #subprime #earnings #shorts 

We got some big news. Wells Fargo will significantly step back from the housing market. This is a big time shift from what was once a number one player in mortgages. If you look back at the financial crisis, they would give a mortgage to anybody who could find a mirror. And this brings too much heat from regulators. And in 2012, you know, one out of every three mortgages in the country were underwritten by Wells Fargo.

And for those six, five or six years, honestly, they look like geniuses until the fake sales account scandal bringing tons of additional heat to them. Is this going to help or hurt them long term, do you think? I think it's going to help. If you look at well, if you look at it, Wells Fargo, its major competitors among the megabanks, they both JPMorgan, Bank of America, This is not a priority for them.

If you're in a business where you're making money in the good times and you give it all up in the bad times or it brings too much heat. You recall last month they had a $1.7 billion fine. Wells Fargo did. Charlie Scharf, who you call spent 25 years under the tutelage of Jamie Dimon, making Wells Fargo looking a lot more like JPMorgan Chase.

Looking a lot more like Bank of America.
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