“The Financial Times reports that Wells Fargo CEO John Stumpf has warned the GSEs (government-sponsored enterprises) that they must stop being so quick to accuse banks of faulty underwriting and then forcing them to repurchase soured loans. “We’re just not going to make those loans and there’s going to be a whole bunch of Americans that are underserved in the mortgage market…

…If somebody makes a payment for – let’s say – three years, the risk ought to transfer then to the insurance company … If you’re going to pick through each one looking for a technical fault not to pay your insurance policy we’re not going to be in that business.”, Excerpt from August 2014, Mortgage Industry Newlsetter

Posted on September 3, 2014, in Postings. Bookmark the permalink. Leave a comment.

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