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To: Real Man who wrote (12709)	1/8/2008 2:46:33 PM
From: Smiling Bob	Respond to of 19256

WFC - picked up some longer term puts They've got a dying office not far from me that was opened at the height of the frenzy -- UPDATE: Baltimore Suing Wells Fargo Bank Over Foreclosures 12:28 PM ET - Dow Jones News (Updates with comments from attorneys, adds details) BALTIMORE ( AP )Black neighborhoods in Baltimore were disproportionately affected by the subprime mortgage crisis, according to a lawsuit filed by city officials that seeks to recoup some of the cost of maintaining neighborhoods harmed by foreclosures. The lawsuit, to be filed Tuesday in U.S. District Court, alleges that Wells Fargo Bank N.A. (WFC), one of the leading mortgage companies in the U.S., engaged in a pattern of predatory lending practices in Baltimore's poorest neighborhoods, resulting in a foreclosure rate in minority communities that's nearly double its overall average in the city. City officials believe the suit is the first filed by a municipality that seeks to recover the additional cost of providing services to areas with high foreclosure rates. "When you have foreclosures, the property values drop, and you get less tax revenue. There's fire and police costs that come from abandoned and boarded-up and vacant properties," said John P. Relman, a Washington-based attorney who is representing the city in the lawsuit. "It leads to crime and drugs and school problems as the community is being destabilized." While the lawsuit does not specify how much the city seeks in compensatory or punitive damages, City Solicitor George Nilson said foreclosures have cost Baltimore tens of millions of dollars. The lawsuit alleges that San Francisco-based Wells Fargo targeted black neighborhoods for deceptive lending practices - a practice known as reverse redlining, which is prohibited under the federal Fair Housing Act. For example, it claims that mortgages for homes worth $75,000 or less - most of which are located in black neighborhoods - were sold at higher rates and laden with fees and surcharges. "You could be equally well-qualified, but if you happen to buy a house that's worth $75,000 or less, you're going to pay more," Relman said. Wells Fargo does not comment on pending litigation, but spokeswoman Debora Blume said in a statement that the company did not consider race when making loans. "We do not tolerate illegal discrimination against, or unfair treatment of, any consumer," Blume said. "Our loan pricing is based on credit risk. We are committed to serving all customers fairly - our continued growth depends on it." More than 33,000 homes in Baltimore have been subjected to foreclosure filings since 2000, and Wells Fargo has more foreclosures than any other lender, the lawsuit says. Wells Fargo, one of the two largest mortgage providers in the city since 2004, made 1,285 loans a year totaling more than $600 million from 2004 through 2006. City officials say most of the company's loans that resulted in foreclosure were made in neighborhoods with a population that's more than 80% black. And the problem is getting worse. The lawsuit says the number of "foreclosure events" - such as notices of default or foreclosure sales - in the city increased fivefold from the first quarter to the second quarter of 2007. Foreclosure rates nationwide were at their highest in 35 years during the third quarter of 2007, according to data from the Mortgage Bankers Association, which found that of 44 million active mortgages in the country, 343,000 entered foreclosure in that period. A slowdown in the real estate market coupled with a boom in subprime lending, in which borrowers with credit problems were given riskier, higher-priced mortgages that in some cases they could not afford, have contributed to the spike in foreclosures. Nilson said he expected to hear from other jurisdictions interested in filing similar lawsuits or joining Baltimore's. > Dow Jones Newswires 01-08-08 1227ET Copyright (c) 2008 Dow Jones & Company, Inc. Recent WFC Headlines January 8, 2008 2:12PMBaltimore sues Wells Fargo for subprimes 1:00PMThe Staubach Company Represents Winston & Strawn, LLP in Lease Renewal and Expansion 12:28PMUPDATE: Baltimore Suing Wells Fargo Bank Over Foreclosures 12:01PMOnline Banking Focuses on Selling First, Usability Second 8:31AMCargo Connection Logistics Holding, Inc. Converts Short-Term Obligation to Long-Term Note 8:28AMWSJ.COM/Morning Brief: Primary Day Dawns In New -2- 8:00AMHacketts Receives $5 Million Inventory-Based Financing Commitment 2:11AMWells Fargo Started At Neutral By Baird 1:30AMBaltimore Suing Wells Fargo Bank Over Foreclosure Crisis -NYT January 4, 2008 12:39PMFitch Takes Various Rating Actions on 10 Wells Fargo Transactions 1, 2, 3, 4, 5 ... Next 5 Search Wells Fargo and Co News & Commentary Search Within Stocks Search All News and Commentary Keywords Symbol Select Source News Press Releases Commentary Submit

To: Real Man who wrote (12709)	1/16/2008 8:11:25 AM
From: Smiling Bob	Read Replies (2) \| Respond to of 19256

Wells Fargo quarterly profit falls Wednesday January 16, 8:08 am ET NEW YORK (Reuters) - Wells Fargo & Co (NYSE:WFC - News) on Wednesday said fourth-quarter profit fell, the first decline in more than six years, hurt by rising losses from home equity loans. Credit losses are mounting industrywide as the U.S. housing sector slumps and credit markets tighten. Wells Fargo is the nation's fifth-largest bank and second-largest mortgage lender. Net income for the San Francisco-based bank fell to $1.36 billion, or 41 cents per share, from $2.18 billion, or 64 cents, a year earlier. (Reporting by Jonathan Stempel; Editing by Mark Porter)