Tuesday, August 30, 2005

Wells Fargo Announces Added Improvements to Nonprime Mortgage Lending Practices

Wells Fargo Announces Changed Standards for Sub-Prime Loans

Wells Fargo has joined the trend in national lenders to (publicly at least) decry various abusive practices that have been associated with subprime loans. Changes at WF include capped origination fees, capped prepayment fees, abolition of mandatory arbitration, and limiting loans to situations where the consumer actually benefits and has the ability to pay the loan back.

Cheers to Wells Fargo. Cheers to the consumer bar that has kept the pressure on Wells Fargo in various predatory lending suits.



Wells Fargo Announces Added Improvements to Nonprime Mortgage Lending Practices

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