Wells Fargo Eliminates Subprime Mortgage Lending
Read Full Story
Getting a subprime, or non-conforming mortgage, just got a lot harder. Wells Fargo, the third-largest bank in the U.S., announced it is closing a division devoted to issuing what they call "non-prime" mortgages
, car loans, and credit-card loans. The bank will no longer issue subprime loans and is eliminating 3,800 related jobs. Wells Fargo was one of the leading mortgage lenders during the last housing boom.More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.