At the big banks, massively. This will hit non-agency mortgage lending hard. Those famous great Wells Fargo jumbo rates could be a thing of the past. Big banks won’t wanna touch portfolio mortgage at all.
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Basel III regs to be announced 7/27. Wells Fargo strategic plan to focus mortgage lending on existing high net worth customers, customers with jumbo mortgages! Amazing, who thought that was a good idea? It's as if Chuck is being fed inside information to make policy decisions that will destroy Wells Fargo.