Wells Fargo Plunges Into the Mortgage Muck With $1.4B in Losses on Home Equity Loans
Nothing much new here, just another example of a financial institution confessing to billions in losses on home equity loans, but the following quote helps to put the situation into perspective:
"Wells Fargo's chief executive, John Stumpf, spooked investors even further two weeks ago when he described the current real estate slump as the worst since the Great Depression and reiterated earlier projections that the bank's home equity losses would continue to rise next year."
Subscribe to:
Post Comments (Atom)
1 comments:
When are people going to realise Houses are just bricks and mortor, they are not worth what they charge you for them, and thinking you are going to get rich because the price of your house has gone up is so bloody stupid, WAKE UP what are you going to do sell it and live on the streets.
I have seen this happen so many time when will people stop falling for it?
Post a Comment