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Tag Archives: Wells Fargo

MBA Assembles GSE Single-Family Task Force

The Mortgage Bankers Association (MBA) has assembled a GSE Single Family Task Force to revisit the association's 2009 proposal for the future of the secondary market and to further discourse on this topic. The task force will work in two phases. First, they will review the 2009 position and determine potential issues during a transition. Next, they will put together a "roadmap" for the transition.

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Mortgage Employment Increases in Q3

Hiring in the mortgage industry increased in Q3 for the fifth straight quarter, according to Mortgage Daily's Mortgage Employment Index. The index shows 8,711 hires were made in the year's third quarter, up more than 3,000 from the last quarter and nearly 3,500 from Q3 2011. Even with an estimated 5,785 layoffs, the industry saw a net increase of nearly 3,000 jobs--more than double the gain in Q2. For 2012's first three quarters, mortgage and real estate finance companies recruited 7,230 more people than they've laid off.

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Wells Fargo Facing Investigation for Wachovia Mortgage Practices

Government agencies are continuing their regulatory investigation of mortgage activities at Wells Fargo and Wachovia, according to a report filed with the Securities and Exchange Commission (SEC). Wells Fargo absorbed Wachovia in 2008 when Wachovia's shaky mortgage portfolio threatened the bank's soundness. The government is looking into activities regarding mortgage origination and securitization, including risk disclosures at Wachovia.

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