Wells Fargo & Co., San Francisco, has discontinued offering certain subprime products in response to recent actions by rating agencies and industry guidance.Wells Fargo said it will no longer offer one-year adjustable-rate mortgages, 2/28 ARMs, or 40/30 two-year ARMs through its third-party, subprime lending channel. In its retail business line, Wells also said it will no longer offer the one-year ARM, the 2/28 ARM, or the 40/30 2/6 ARM linked to the London interbank offered rate. Wells said the changes were made "to align our practices with industry guidance" as well as in response to rating agency actions. Wells Fargo can be found online at http://www.wellsfargo.com.
Wells Drops Certain Subprime Products
July 24, 2007, 2:00 p.m. EDT 1 Min Read
