Industry News

Wells Fargo stops making 2/28 ARM loans

Countrywide, WaMu, First Franklin, Option One concur
Published on Jul 24, 2007

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by CareyBot

Wells Fargo Home Mortgage says it’s discontinuing its subprime 2/28 and one-year adjustable-rate mortgages (ARMs) in response to new guidance from federal regulators and downgrades on subprime bonds by ratings agencies. The 2/28 mortgage is an adjustable-rate mortgage on which ...