Insight: Wells Fargo’s mushrooming mortgage risk

WEST DES MOINES, Iowa (Reuters) – The new center of U.S. mortgage lending is a nondescript office building in the American heartland, far from the California subprime lenders and the New York investment banks that drove the housing market into a bust. One out of every three home loans in the United States is now funded by Wells Fargo & Co, whose mortgage operation sits in a business park next door to a country club on the outskirts of Iowa's capital city. Wells Fargo scaled back its subprime lending in 2004, well before the housing crash. …

Insight: Wells Fargo’s mushrooming mortgage risk WEST DES MOINES, Iowa (Reuters) – The new center of U.S. mortgage lending is a nondescript office building in the American heartland, far from the California subprime lenders and the New York investment banks that drove the housing market into a bust. One out of every three home loans [...]