Well's has a delinquency rate of 4.9% versus Citi's 6% and Chase's 5.6%.
And it's foreclosure rate is 2.3% vs. 4.1% at Bank of America.
Showing posts with label Wells Fargo. Show all posts
Showing posts with label Wells Fargo. Show all posts
Wednesday, September 26, 2012
Wells Fargo Foreclosure Rate and Delinquencies
Wells Fargo's recent presentation given this september at the Barclays conference shows thatthe company has some of the lowest rates of foreclosure and delinquency on mortgages of any large bank.
Well's has a delinquency rate of 4.9% versus Citi's 6% and Chase's 5.6%.
And it's foreclosure rate is 2.3% vs. 4.1% at Bank of America.
Well's has a delinquency rate of 4.9% versus Citi's 6% and Chase's 5.6%.
And it's foreclosure rate is 2.3% vs. 4.1% at Bank of America.
Wednesday, October 19, 2011
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Wednesday, March 2, 2011
Wells Fargo's Mortgage Delinquency Rates and Foreclosures are Better than Average and Better than Bank of America
Wells Fargo Chairman and CEO John Stumpf recently presented at the Morgan Stanley investors conference. One of the more interesting charts he talked about was on slide #21 in which he shows the Deliquency rate and foreclosure rate of his bank versus his peers during the third quarter of 2010. Specifically:
- Wells Fargo - 6.1% Delinquent + 2.1% in foreclosure
- Citibank - 6.9% Delinquent and 2.6% of mortgages in foreclosure.
- JP Morgan Chase came in at 7.8% and 3.7% respectively
- Bank of America was the laggard of the bunch (Thanks to their countrywide acquisition) with a whopping 3.7% of loans in foreclosure and 10.6% seriously deliquent..
- You can click on the chart above for larger view of the data that Mr. Stumpf presented.
The CEO also showed a comparison during fiscal year 2010 for the charge-offs as a percentage of all loans for Wells Fargo and its peers. Citi took the most in charge-offs on debt (4.6%), followed by Bank of America (3.6%), JPM (3.4%), Wells (2.3%) and US Bank had the best performance with just 2.2% charged off.
Interestingly enough over the last 10 years, Citi was the worst and US Bank was the best.
Sunday, December 28, 2008
Wells Fargo / Wachovia Option Arms
The December-2008 Wells Fargo Investor Presentation had an interesting table on page #19
The key content was:
*****************************************
WB - Pick-a-Pay ARMs
Note: WB = Wachovia Bank & "Pick-a-Pay ARMs" = "Option ARM"
Now considering that according to http://www.ofheo.gov California has had 6 consecutive quarters of declines in housing values with Q3-2008 dropping ~21% in the last year. That means there are plenty of Californians with Option-ARMs that have zero (or negative) equity in there homes, and for the loans that Wells Fargo acquired via Wachovia, their losses "should" crest in 2010.
Now only time will tell if the loan loss estimates ($36 billion / 29% of WB's outstanding Option-ARMs) is conservative enough)
The key content was:
*****************************************
WB - Pick-a-Pay ARMs
- $122bn outstanding:
- 58% secured by California real estate
- Weighted average LTV at origination 76%
- 80%+ stated income with average 675 FICO
- Recast at 125% loan balance or 10 years minimizes contractual payment shock
- Remaining losses after purchase accounting to peak in 2010
- Loss mitigation program appears to have significant potential. Life of loan loss projections do not incorporate any loss mitigation program impacts
- Life of loan loss estimated at $36bn = 29% of outstanding
Note: WB = Wachovia Bank & "Pick-a-Pay ARMs" = "Option ARM"
Now considering that according to http://www.ofheo.gov California has had 6 consecutive quarters of declines in housing values with Q3-2008 dropping ~21% in the last year. That means there are plenty of Californians with Option-ARMs that have zero (or negative) equity in there homes, and for the loans that Wells Fargo acquired via Wachovia, their losses "should" crest in 2010.
Now only time will tell if the loan loss estimates ($36 billion / 29% of WB's outstanding Option-ARMs) is conservative enough)
Monday, December 22, 2008
Q3 2008 Top 10 Mortgage Originators
The Top-10 mortgage originators in Q3-2008 originated $230 billion of mortgages in Q3-2008, which is 29% less than the $323 billion of business that they did in Q3-2007.
It's also interesting to note that Bank of America's increase in business was driven by their acquisition of Countrywide Mortgage. In the quarter, Washington Mutual (WaMu) had the distinction of having the largest drop in business--on both dollar terms ($24 billion less) and percentage decrease (down 71%).
It's also interesting to note that Bank of America's increase in business was driven by their acquisition of Countrywide Mortgage. In the quarter, Washington Mutual (WaMu) had the distinction of having the largest drop in business--on both dollar terms ($24 billion less) and percentage decrease (down 71%).
Sunday, December 21, 2008
Top 10 Mortgage Providers Originate much fewer loans in Q2-2008 vs Q2-2007
Comparing Q2-2008 Mortgage origination figures with Q2-2007, you can see that there was a significant decrease in mortgages underwritten.
The top-10 Mortgage originators did $320 billion in originations in Q2-2008 compared to $507 billion, from those same companies in Q2-2007. In dollar terms Countrywide shrunk from $130 billion to $59 billion; While Washington Mutual (WaMu) saw the biggest percent decline--Down 74%.
The top-10 Mortgage originators did $320 billion in originations in Q2-2008 compared to $507 billion, from those same companies in Q2-2007. In dollar terms Countrywide shrunk from $130 billion to $59 billion; While Washington Mutual (WaMu) saw the biggest percent decline--Down 74%.
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