California Foreclosures Forcing Wells Fargo To Boost Reserves
While this may unnerve some folks, I take it as a very healthy sign. Well Fargo is boosting it’s reserves to deal with the foreclosure problem it is facing, mostly in California. The company is not hiding behind any accounting trickery or denials but is instead recognizing the problem and confronting it.
An analyst said that San Francisco-based Wells Fargo & Co. (NYSE: WFC) might be boosting reserves because of some of its holdings in the California real estate market, which has been very hard hit by the housing slump.
Keefe Bruyette & Woods Inc. analyst Frederick Cannon said in an interview with Bloomberg Television, “Wells Fargo is heavily exposed in areas where we will see significant credit losses over the next two years, and reserve levels are simply too low for those kind of costs. via Business Journal
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I like your analogy in this article. The real estate economy really is like a patient who you cannot ...
Real Estate is hyper-local. Every market is different. Phoenix has already hit bottom and is starting to recover. We have ...
Great to hear that the big boys
are predicting recovery sooner than
most think.
Thanks for the value! 
I agree--good analogy. You have to crawl before you can walk. Right now, at least in Austin, many people would ...
I live in the Philippines and I am glad we are not on the lists... 
I have a few Litograghs of Presidents homes , made by Richard V. Sebring. yr. 1990 Do they have any ...
I see the question I have, but no response. I do not have a for sale sign up ...
I'll add mine to the list too. This is happening in Kansas City, Missouri as well now.
We already knew ...
