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Wells Fargo Still Selling Adjustables.(Wells Fargo & Co.)(Brief Article)
San Francisco -- Wells Fargo sold $24 billion of its lowest-yielding adjustable-rate mortgages in the third quarter, clearing out the balance sheet to make room for higher-paying assets.
Despite the large asset sale, Wells said that the average loan volume on its balance sheet increased 8% from one year earlier. But the sale of those ARMs had did take a bite out of loan growth. Wells said that excluding the $24 billion sale, its average loan balance would have increased by 20% from a year earlier. Related to the asset sale, Wells posted $33 million in losses, not including foregone interest income related to the sale of the ARMs.
"Excluding real estate one-to-four family first mortgages, consumer loans ...
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Source: HighBeam Research, Wells Fargo Still Selling Adjustables.(Wells Fargo & Co.)(Brief...