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Hi, I have been with Wells Fargo for the last 4 years and they haven't sold my loan nor will they.
@MEE2Too wrote:Hi, I have been with Wells Fargo for the last 4 years and they haven't sold my loan nor will they.
https://www.wellsfargo.com/com/corporate-trust/mortgage-backed-securities
Almost ALL Credit card debt (balances) are leveraged into securities too - even within the same issuer/servicer - it's how they lend a billion dollars when they only have 100 million to lend - package your account receivables as bonds with a 5-7% return, service the bonds while collecting 12-25% on 10X the money to lend, do it again and again. Car loans, especially subprime high interest loans are the current hot secutries/bonds.
Never say never, my first mortgage is with WF's too but I very much doubt they are actuallyholding the note in house.
edit=typos
@pipeguy wrote:
@MEE2Too wrote:Hi, I have been with Wells Fargo for the last 4 years and they haven't sold my loan nor will they.
https://www.wellsfargo.com/com/corporate-trust/mortgage-backed-securities
Almost ALL Credit card debt (balances) are leveraged into securities too - even within the same issuer/servicer - it's how they lend a billion dollars whe they only have 100 million to lend - package your account receivables as bonds with a 5-7% return, service the bonds which collecting 12-25% on 10X the money to lend, do it again and again. Car loans, especially subprime high interest loans are the current hot secutries/bonds.
Never say never, my first mortgage is with WF's too but I very much doubt they are actuallyholding the note in house.
Exactly. WF can sell the note or sell the servicing or sell both the note and the servicing. It is done all the time.
Here is one such sale Jan 2014 http://dealbook.nytimes.com/2014/01/22/wells-fargo-sells-servicing-rights-on-39-billion-in-mortgages...