Wells Sees Jump in Residential Overdues

Wells Fargo & Co., San Francisco, saw its 90-days-or-more residential delinquencies spike in the first quarter, with its government-insured loan repurchases also shooting up significantly.According to the bank's earnings statement, $159 million of its one- to four-family holdings were 90 days or more past due "and still accruing," an increase of 72% from the level of the same period a year ago. (No explanation was given on what "still accruing" means.) It had $381 million in Ginnie Mae loan buybacks, a 68% jump from a year ago. (The Ginnie Mae buybacks -- which the government is on the hook for -- exclude the one- to four-family number.) Wells is the nation's largest residential servicer, according to the Quarterly Data Report. At the end of March, Wells held $1.05 billion in 90-days-late consumer loans, with a majority being in the category called "other revolving credit and installment." The company can be found online at http://www.wellsfargo.com.