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Wells Fargo No Longer Offer Reverse Mortgage
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Wells Fargo No Longer Offer Reverse Mortgage
Wells Fargo & Co. (NYSE:WFC) announced Thursday it will no longer offer home equity conversion mortgages, or "reverse mortgages." They will stop offering reverse mortgages as of June 30.Its reasoning behind the move is because of the unpredictable values in the housing market. Existing reverse mortgages will be grandfathered in, but no new ones will be available at the end of the month.Reverse mortgages made up 2.2% of Wells Fargo’s retail mortgage volume and 1.2% of its overall mortgage volume in 2010.It has a potential upside of 37.8% based on a current price of $26.63 and an average consensus analyst price target of $36.7.
Video Length: 0
Date Found: June 16, 2011
Date Produced: June 16, 2011
View Count: 0
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