Alt A Not such a problem?

[Coronita]

[quote]You would think that you would see a lot more for sale signs up in the high end area’s of SD than I have been able to see if this was going to hit SD hard.

But maybe these guys are just going to ride this to the end, or they are praying for a loan work out (or at least praying anyway).

I guess the last part of this year is going to be interesting to watch.

It’s been fun here in Temecula this last year, looks like you guy’s in SD may be able to join the fun now .

There is nothing like seeing brown lawns and abandon homes to cheer you up in the morning.

needless to say yard maintenance is not a priority when you are in the foreclosure process.
[/quote]

Perhaps unemployment hasn’t hit (yet) and people can sort of squeak by for now?

Can someone who was here in 1993 summarize what the local job market was like then? Perhaps that would be an interesting comparison. I wasn’t here and didn’t know the details, though I read and heard a lot of about high(er) unemployment here during that time.

[capeman]

It’s not entirely fair to lump Wells Fargo in with the other banks who gave out Pay Options but the fate of Well Fargo’s portfolio is very likely related.

HELOC performance hasn’t been as bad as expected yet but with the Alt-A and Prime defaults going up it’s very likely that a ton of HELOCs go to zero. Well Fargo having a massive 80+ billion HELOC portfolio heavily centered in Florida and California should be expected to see a lot of these losses.

What should be of more concern is the default rate in commercial real estate loans on their books is up almost 400% from a year ago. With the CMBX spreads gaping wider than the Grand Canyon we should expect to see a double pinch on Wells as they get hit by both commercial and residential losses. It may not be enough to take them down but I don’t believe they will be as free from the crisis as everyone thinks.

Seems that they are increasing the allowable time to foreclosure. Are they overwhelmed with foreclosures, trying to help the borrower or pushing off losses for another quarter or two of profitability?

[capeman]

It’s not entirely fair to lump Wells Fargo in with the other banks who gave out Pay Options but the fate of Well Fargo’s portfolio is very likely related.

HELOC performance hasn’t been as bad as expected yet but with the Alt-A and Prime defaults going up it’s very likely that a ton of HELOCs go to zero. Well Fargo having a massive 80+ billion HELOC portfolio heavily centered in Florida and California should be expected to see a lot of these losses.

What should be of more concern is the default rate in commercial real estate loans on their books is up almost 400% from a year ago. With the CMBX spreads gaping wider than the Grand Canyon we should expect to see a double pinch on Wells as they get hit by both commercial and residential losses. It may not be enough to take them down but I don’t believe they will be as free from the crisis as everyone thinks.

Seems that they are increasing the allowable time to foreclosure. Are they overwhelmed with foreclosures, trying to help the borrower or pushing off losses for another quarter or two of profitability?

[capeman]

It’s not entirely fair to lump Wells Fargo in with the other banks who gave out Pay Options but the fate of Well Fargo’s portfolio is very likely related.

HELOC performance hasn’t been as bad as expected yet but with the Alt-A and Prime defaults going up it’s very likely that a ton of HELOCs go to zero. Well Fargo having a massive 80+ billion HELOC portfolio heavily centered in Florida and California should be expected to see a lot of these losses.

What should be of more concern is the default rate in commercial real estate loans on their books is up almost 400% from a year ago. With the CMBX spreads gaping wider than the Grand Canyon we should expect to see a double pinch on Wells as they get hit by both commercial and residential losses. It may not be enough to take them down but I don’t believe they will be as free from the crisis as everyone thinks.

Seems that they are increasing the allowable time to foreclosure. Are they overwhelmed with foreclosures, trying to help the borrower or pushing off losses for another quarter or two of profitability?

[capeman]

It’s not entirely fair to lump Wells Fargo in with the other banks who gave out Pay Options but the fate of Well Fargo’s portfolio is very likely related.

HELOC performance hasn’t been as bad as expected yet but with the Alt-A and Prime defaults going up it’s very likely that a ton of HELOCs go to zero. Well Fargo having a massive 80+ billion HELOC portfolio heavily centered in Florida and California should be expected to see a lot of these losses.

What should be of more concern is the default rate in commercial real estate loans on their books is up almost 400% from a year ago. With the CMBX spreads gaping wider than the Grand Canyon we should expect to see a double pinch on Wells as they get hit by both commercial and residential losses. It may not be enough to take them down but I don’t believe they will be as free from the crisis as everyone thinks.

Seems that they are increasing the allowable time to foreclosure. Are they overwhelmed with foreclosures, trying to help the borrower or pushing off losses for another quarter or two of profitability?

[capeman]

It’s not entirely fair to lump Wells Fargo in with the other banks who gave out Pay Options but the fate of Well Fargo’s portfolio is very likely related.

HELOC performance hasn’t been as bad as expected yet but with the Alt-A and Prime defaults going up it’s very likely that a ton of HELOCs go to zero. Well Fargo having a massive 80+ billion HELOC portfolio heavily centered in Florida and California should be expected to see a lot of these losses.

What should be of more concern is the default rate in commercial real estate loans on their books is up almost 400% from a year ago. With the CMBX spreads gaping wider than the Grand Canyon we should expect to see a double pinch on Wells as they get hit by both commercial and residential losses. It may not be enough to take them down but I don’t believe they will be as free from the crisis as everyone thinks.

Seems that they are increasing the allowable time to foreclosure. Are they overwhelmed with foreclosures, trying to help the borrower or pushing off losses for another quarter or two of profitability?

[gdcox]

As it happens Mr M focus on Helocs today ; see second half of http://mrmortgage.ml-implode.com/2008/08/14/second-mortgages-undermining-new-fha-bailout-law/

[gdcox]

As it happens Mr M focus on Helocs today ; see second half of http://mrmortgage.ml-implode.com/2008/08/14/second-mortgages-undermining-new-fha-bailout-law/

[gdcox]

As it happens Mr M focus on Helocs today ; see second half of http://mrmortgage.ml-implode.com/2008/08/14/second-mortgages-undermining-new-fha-bailout-law/

[gdcox]

As it happens Mr M focus on Helocs today ; see second half of http://mrmortgage.ml-implode.com/2008/08/14/second-mortgages-undermining-new-fha-bailout-law/

[gdcox]

As it happens Mr M focus on Helocs today ; see second half of http://mrmortgage.ml-implode.com/2008/08/14/second-mortgages-undermining-new-fha-bailout-law/

[capeman]

Hahahahaha… didn’t see this coming with Wells being some of the only good earnings to come out in financials. Those who drove up the stock price are on crack!

http://mrmortgage.ml-implode.com/2008/08/14/wsj-wells-fargo-cheated-on-earnings-again/

[capeman]

Hahahahaha… didn’t see this coming with Wells being some of the only good earnings to come out in financials. Those who drove up the stock price are on crack!

http://mrmortgage.ml-implode.com/2008/08/14/wsj-wells-fargo-cheated-on-earnings-again/

[capeman]

Hahahahaha… didn’t see this coming with Wells being some of the only good earnings to come out in financials. Those who drove up the stock price are on crack!

http://mrmortgage.ml-implode.com/2008/08/14/wsj-wells-fargo-cheated-on-earnings-again/

[capeman]

Hahahahaha… didn’t see this coming with Wells being some of the only good earnings to come out in financials. Those who drove up the stock price are on crack!

http://mrmortgage.ml-implode.com/2008/08/14/wsj-wells-fargo-cheated-on-earnings-again/

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