Saw this article uploaded today and was curious if it had any merit to it? Said there was potential of wells fargo acquiring betr the digital mortgage company that just ipo'd.
https://www.prlog.org/12981632-exploring-the-potential-wells-fargos-acquisition-of-bettercom.html
21 replies (most recent on top)
Better.com has no cash, a maniac CEO who drops the F-Bo-b on town hall calls and likes to fire hundred of employees via Zoom not to mention it has lawsuits coming out the a$$. Perfect fit.
https://pbs.twimg.com/media/F4wJWckbwAAoQYg?format=webp&name=large Is an image of the article. searched $wfc on X (twitter).
Better has been mentioned on CNBC all day tonight. Comparing this spac with the Vietnamese ev car spac.
OP, the press release you posted was taken down.
Nice site at better.com. Nice attempt at online mortgage processing.
Like to compare it to https://www.rocketmortgage.com/
The layoff was real. https://www.youtube.com/watch?v=9nBQGWF4Cpg
Here is better.com on CNBC on 8/24 https://youtu.be/S4BC7DFNIu8?t=129
they are yet another spac blowup (tickr BETR) and appear to be in a rough financial situation. https://finance.yahoo.com/quote/BETR.
So it is an opportune moment for Wells to pick up a tested online mortgage processing platform. The facilitators always told us that Rocket Mortgage tech was eating our lunch. This is a path for WFC to stay in mortgage.
Well this
Better.com is not Betterment. It's a private company. See https://better.com/about-us. It is like a pre - Rocket Mortgage company (and a whole lot cheaper). However I doubt Well's facilitators will let Charlie buy it. Wells never buys anything.
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It is. To be fair, they were the FIRST company to get dragged for laying off hundreds in that manner. And that was height of Omicron variant of COVID, and most of their employees were virtual, so how were they supposed to do it? Also, guess how all the layoffs discussed on this WF board are conducted?
Better.com has about 200 days of cash left. They are a train wreck so perfect fit for WF I guess.
Isn’t this the company whose CEO fired hundreds of people over Zoom?
"Asset cap may be a problem"
Wondered that myself. Do you mean logistically, or permission-wise?
Hahaha..no you aren't. You are going to refinance somewhere else and increase your rate 4% because of spite?
Asset cap may be a problem
Makes sense. Digitize mortgage via purchasing a UK tech house. Maybe "getting rid of mortgage" meant getting rid of the mortgage old-timers -- not the business.
The Indian off-shore will like getting together with the new UK management. Replace all the mortgage tech that didn't make it to the cloud. Say goodbye to Core, mide, mode.. whatever.
It wouldn't shock me if Charlie dumped Wells' legacy mortgage business so he could acquire a new one.
yo I ain't never heard of no "better .com"!
sound made up
better than what?!
If we dumped another major asset we could probably fit a purchase under the cap...
Asset Cap = No Aquisitions.
That would be a tragic mistake for better.com. Charlie and our Board will F up his company too.
So we’re going to decrease our mortgage footprint by buying a major mortgage company?
Yes
If so I'm taking my money out of better.com
If so I'm taking my money out of better.com.