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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Cactus Jack who wrote (185333)	2/20/2009 1:24:18 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 306849

Don't really know it that well....although they claim to have avoided a lot of the mortgage mess, they are headquartered in Clownifornia, and are the new, proud owners of Wachovia who bought out the ginormous mortgage originator, Golden West Financial right at the tippy top of the housing bubble. Buffet likes them, and they reported have low cost of funding. They are in better shape than BAC and C, but who knows what that means......

To: Cactus Jack who wrote (185333)	2/20/2009 4:22:37 PM
From: energyplay	Read Replies (1) \| Respond to of 306849

Wells Fargo very carefully avoided sub-prime, negative arms, 100% loan to value, and loans in the Inland Empire & Central Valley of California. Then Wells buys Wachovia, which was a mostly okay bank, EXCEPT Wachovia had bought Golden West, which is 95% pay option arms, and in Inland Empoire, etc. Golden West is the poison apple. Many of the Wachovia management are gone. Wells buying Wachovia was with the guidance of Treasury - Wachovia went to Wells instead of Citibank. So, the question is, what shape is Wells Fargo really in, and what sort of dilution will they take - minimal, or pseudo nationalization ? I don't own ANY bank stocks. Here's one person's take - seekingalpha.com