Industry News

Wells Fargo reports record profits despite losses on ARMs

Bank takes $250 million hit unloading loans
Published on Jul 18, 2006

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by CareyBot

Wells Fargo says it generated record profits of $2.09 billion in the second quarter, despite taking a $250 million loss on the sale of $26 billion in adjustable-rate mortgages and other loans. Diluted earnings per share were a record $1.23, ...