When’s the last time a regional or megabank bought a nonbank mortgage company? Wells Fargo? JPMorgan? BofA? Citigroup? Nope, none of them, that we can recall...
Angela Klein, an attorney with the law firm Morrison & Foerster, said her firm has been talking to mortgage lenders that use big data about the risk and how little guidance there is about it.
Wells' lending performance stands in contrast to its closest JPMorgan Chase, which reported a 23.3 percent sequential decline in mortgage production for the period.
Goldman actually entered the subprime MBS and financing game a bit late compared to some of its peers. At one point it even owned a small subprime lender.
At yearend, JPM held $157.1 billion of what it calls “prime mortgages” (including option ARMs), a stunning 48 percent increase over the past 12 months.
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