Mortgage losses mount
Wells Fargo Plunges Into the Mortgage Muck With $1.4B in Losses on Home Equity LoansNothing much new here, just another example of a financial institution confessing to billions in losses on home equity loans, but the following quote helps to put the situation into perspective:
"Wells Fargo's chief executive, John Stumpf, spooked investors even further two weeks ago when he described the current real estate slump as the worst since the Great Depression and reiterated earlier projections that the bank's home equity losses would continue to rise next year."
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