Standard & Poor's Ratings Services has upgraded Wells Fargo Bank NA to AA-plus, making it S&P's highest-rated bank in the United States, according to Wells Fargo & Co., San Francisco.Wells Fargo, whose recent agreement to buy $140 billion in receivables from Washington Mutual will make it the No. 1-ranked residential mortgage servicer in the United States, said S&P also raised the long-term credit ratings of Wells Fargo & Co.'s senior debt to AA, making it S&P's highest-rated U.S. bank holding company. Wells Fargo noted that in 2003, Moody's Investors Service made Wells Fargo Bank its only Aaa-rated bank in the United States. Wells Fargo can be found online at http://www.wellsfargo.com.
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The San Diego company was back in the black with a net income of $28.5 million in the first quarter of 2024, up from a net loss of $93 million the previous quarter.
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Feds say Chicago businessman Mark Steven Diamond defrauded at least 80 victims and caused at least $6 million in losses.
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Fannie Mae's tool, used by originators to determine income levels for self-employed borrowers, aims to help them avoid potential underwriting errors, the government-sponsored enterprise said.
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The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.
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The home purchase market right now is healthier than it was last year, said CEO Mat Ishbia, noting a 24% increase in volume over the recent period compared to Q1 2023.
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