https://www.businessinsider.com/wells-fargo-ceo-charlie-scharf-bank-could-pull-back-mortgages-2022-6
To much reputation risk involved with Mortgage, we shrinking it. Mortgage rates are going even higher.
10 replies (most recent on top)
Chuck doesn't know the mortgage business. It will be spun off. If he keeps any of it, it will be the servicing portion.
Remember Sloan and Shrewsbury on all the shows each quarter?
"We don't like the mortgage business - we love the mortgage business!"
Looked more like a threat to the government to me. Maybe we'll stop dealing with Fannie/Freddie loans if you keep pestering us.
Right hand doesn't know what left hand is doing. One executive tells us that they're not as worried about reputational risk anymore. Now a different exec is laying off people, saying reputational risk. What???
The headline says it all: “Wells Fargo CEO Charlie Scharf says the bank is considering pulling back on parts of its mortgage business amid scrutiny over its lending practices”
Basically means - yeah, it’s profitable but since we’re so shady the fines/scrutiny offset the value. Forget fixing being shady, we’ll just not do so much of this business. 🙄
https://archive.ph/OaKoG
Seriously, it's not hard to find. This goes for both the OP and the whiners.
So bail on the business right when it's going to become profitable again with higher rates / margins? For this executive team, that checks out. Good grief.
Reply hazy, try again.
Why do people keep posting these stupid links that are behind firewalls. Post a link we can all see or don't post it at all.
What will be destroyed first? Wells Fargo or the Country?