Wells Fargo, other US lenders curb mortgage loans

(Reuters) - Wells Fargo & Co, Wachovia Corpand other lenders are limiting mortgages to some of their more creditworthy borrowers as worries about U.S. homeowner defaults widen.

Wells Fargo, the second-largest U.S. mortgage lender, said it is curtailing issuance of "Alt-A" home loans through brokers, while Wachovia has stopped entirely. Wachovia also said one lending unit has temporarily halted its Alt-A production.


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Wells Fargo, Wachovia Reduce Home-Mortgage Lending Amid `Credit Crunch'

(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.


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Futures fall as inflation data, earnings loom

(Reuters) - Among earnings reports due later on Tuesday are Merrill Lynch & Co. , SLM Corp. , U.S. Bancorp and Wells Fargo .




Year-to-date, financial stocks are the worst performers of the ten major S&P industry groups and the sole sector with losses for that period.


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Most U.S. Stocks Drop After Bond Yields Gain; Citigroup, JPMorgan Decline

(Bloomberg) -- Most U.S. stocks fell after 10-year
Treasury bond yields rose for the first time in four days,
reviving concern higher borrowing costs will curb growth.

Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co.
led declines in companies that benefit from low interest rates.
All 32 energy companies in the Standard & Poor's 500 Index
retreated after the price of oil slid from a nine-month high.


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