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Wells Fargo to relax lending standards amid slumping mortgage volumes
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What do you do if you’re a lender trying to recover business in the face of slumping mortgage volumes while simultaneously trying to avoid facing the threat of legal action associated with issuing subprime loans?
The answer, at least for Wells Fargo, is to make concessions for the wealthiest of borrowers.
According to Reuters, the largest U.S. lender has eased its standards for the “jumbo” mortgages it takes on from other banks, which are too high-cost to receive backing from Fannie Mae and Freddie Mac.
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