Wells Fargo No Longer Unscathed, Notes $1.4 Billion Loss

AP:

After avoiding major trouble most of the year, Wells Fargo & Co. has finally bogged down in the mortgage muck that's muddying one major bank after another.

Wells Fargo, the fifth-largest U.S. bank, waded into the mess by saying it will recognize $1.4 billion in losses in the fourth quarter on home equity loans that aren't being repaid as the real estate slump deepens in California, the Midwest and other major markets.

Until Wells Fargo's disclosure late Tuesday, the San Francisco-based bank had been largely unscathed by the turmoil that has battered a long list of other major lenders.

Read the whole story: AP

Comments

[anastasiabeaverhousen]

Looks like they're looking at the next "stage" of their corporate model.

It astounds me that corporations are surprised that the systematic dismantling of the middle class has resulted in the inability to make their friggin mortgage payments. Black Friday wasn't a hit? No shit?

I smell 1929 happening all over again.

[Asmarina]

yikes! here it comes!

[mrcontinental]

Does anyone believe that any of the major players will have no losses because I sure as hell don't. They will ALL eventually get some of this.

The meltdown continues.