Wells Fargo Prepares For Tsunami Of Loan Repurchase Demands
Wells Fargo Prepares For Tsunami Of Loan Repurchase Demands Submitted by Tyler Durden on 10/17/2010 18:45 -0500
Real estate SWIFT Wells Fargo
Zero Hedge has obtained Wells Fargo's brand new confidential protocol guidelines on loan repurchase demands by investors and mortgage insurers, sent out on October 15, and which becomes effective tomorrow. We have reproduced these below to see just how much more "streamlined" the process is, now that the bank is fully aware of the massive liability it faces as a "loan puttable" entity in a world that is suddenly replete with pervasive and rampant title fraud.
"Tyler Durden" is so f'ing stupid that he doesn't even understand that the ORIGINATOR pays for a loan repurchase, not the SERVICER. This document is something Wells has prepared in its capacity as SERVICER, to notify ORIGINATORS of their repurchase obligations. Wells will not have a "tsunami" of repos that will "wipe out all its cash" on the balance sheet. Biggest load of BULLSHIP I have ever read.
That is why Zero Hedge is a BLOG and not a reputable news source - b/c they don't get the FACTS correct.
I just visited this board and it is beyond doubt the stupidist group of non stockholders on the internet. This headline is enough to generate a referal to the whacko farm. However it is entertaining. Try Comedy Central first.