Wells Fargo: Housing worst since Great Depression

[FourScore]

UPDATE 3-Wells Fargo: Housing worst since Great Depression

By Jonathan Stempel

NEW YORK, Nov 15 (Reuters) - Wells Fargo & Co, which has sidestepped many of the credit and liquidity problems plaguing U.S. mortgage lenders, believes the nation's housing slump is the worst since the Great Depression and is far from over, Chief Executive John Stumpf said on Thursday.

Stumpf said the second-largest U.S. mortgage lender and fifth-largest U.S. bank is "not immune" to the storm, but is well-positioned to ride it out, despite expectations for "elevated" credit losses from home equity loans into 2008.

He also said the San Francisco-based bank has "minimal" exposure to the collateralized debt obligations and other mortgage-related debt that have caused well over $40 billion of write-downs industrywide, with more expected.

"We have not seen a nationwide decline in housing like this since the Great Depression," Stumpf said at a Merrill Lynch & Co banking conference in New York...

http://www.reuters.com/article/newsOne/idUKN1530003920071115?pageNumber=1

[Viva_La_Revolution]

1. now I wish I hadn't moved to another bank when they screwed up my account...

anybody heard anything about US Bank?

[TalkingDog]

3. Check to see if you have a state credit union.

Ours is the State Employee Credit Union of NC. They are a nonprofit, so they aren't all about making money for themselves and screwing their customers.

Their loan rates are great and they will even HELP you find a good used car and work out the finances.

It cost us 30.00 each to join, but I have never been so satisfied with a financial institution.

My Favorite Master Artist: Karen Parker GhostWoman Studios

[AuntPatsy]

2. My daughter is fixin to buy her first house? I hope she doesn't get screwed.