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COPYRIGHT 2005 Voxant Inc.
Original Source: CNBC/DOW JONES BUSINESS VIDEO ANALYST INTERVIEW
MARIA BARTIROMO, CNBC ANCHOR: And joining us now you to talk more about the earnings from Wells Fargo, Howard Atkins, the CFO of Wells Fargo. He is in San Francisco tonight.
Mr. Atkins, nice to have you with us. Welcome to the program.
HOWARD ATKINS, CFO, WELLS FARGO: Good to be here.
BARTIROMO: Good to have you once again. Characterize the quarter for us. A couple of analysts also talking about Wells Fargo putting back $300 million after taking the $300 million before an impairment adjustment on mortgage services rights. Explain it because there were some analysts out there who were calling the quarter noisy.
ATKINS: Well, when we have a $900 billion servicing portfolio and that portfolio under accounting rules is revalued as interest rates move up and down. And with interest rates moving up in the third quarter, the value of that portfolio goes up. It`s as simple as that.
BARTIROMO: And higher mortgage rates helped earnings for the quarter, is that right?
ATKINS: Well, not necessarily. I mean we had a good quarter as far as the mortgage business was concerned with both production and servicing being particularly...
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