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Message
re: Wells Fargo suspends new HELOC loans
Posted on 12/5/23 at 3:29 pm to stout
Posted on 12/5/23 at 3:29 pm to stout
quote:
Do they see a price correction on the horizon and are afraid a lot of equity is about to disappear?
I think they don’t want to get stuck with a bunch of homes they are responsible for.
Having an inventory that high means you can’t dump them all at once without tanking the market.
1
Posted on 12/5/23 at 3:35 pm to teke184
quote:
Having an inventory that high means you can’t dump them all at once without tanking the market.
They don't care. That is a taxpayer issue. As long as a home meets conveyance standards then FHA, VA, Fannie, etc will take the home back from Wells and reimburse WF for any cost. If HUD then sells it at a loss that is taxpayer money. No WF.
The only way WF cares is if it is a conventional loan or if the property does not meet conveyance requirements and they have to move the property to their REO department.
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