(Bloomberg) -- U.S. mortgage lenders including Wells
Fargo & Co. and Wachovia Corp. are raising rates and imposing
stricter standards on some of their most creditworthy borrowers as
slumping demand in the mortgage bond market chokes off funding.
San Francisco-based Wells Fargo, the second-biggest U.S. home
lender, stopped issuing Alt-A loans through brokers, made to
borrowers with near-prime credit ratings or prime borrowers who
don't document income. Charlotte, North Carolina-based Wachovia,
the fourth-largest U.S. bank, also stopped making Alt-A loans
through brokers and smaller lenders and curtailed some adjustable
rate mortgages, spokeswoman Christy Phillips-Brown said.
Read more at Bloomberg Bonds News
Fargo & Co. and Wachovia Corp. are raising rates and imposing
stricter standards on some of their most creditworthy borrowers as
slumping demand in the mortgage bond market chokes off funding.
San Francisco-based Wells Fargo, the second-biggest U.S. home
lender, stopped issuing Alt-A loans through brokers, made to
borrowers with near-prime credit ratings or prime borrowers who
don't document income. Charlotte, North Carolina-based Wachovia,
the fourth-largest U.S. bank, also stopped making Alt-A loans
through brokers and smaller lenders and curtailed some adjustable
rate mortgages, spokeswoman Christy Phillips-Brown said.
Read more at Bloomberg Bonds News
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