Mortgage Woes include Wells Fargo

Wells Fargo, known for its tighter guidelines and conservative practices, is not exempt from the mortgage dilemma which continues to unfold day after day. Wells Fargo, the fifth largest U.S. bank, said it will recognise $ 1.4 billion in loses for the fourth quarter. Despite this fourth quarter loss, Wells Fargo is getting off lightly compared with some of its peers like Countrywide and Washington Mutual, which has suffered tens of billions of loss over the last year. To give you some perspective, Wells Fargo originated roughly $ 2 trillion since 2001, recording incredible profits during that time.
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