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Wells Fargo sees borrower defaults starting to rise from low levels reached during pandemic

gdale6
Moderator

Wells Fargo sees borrower defaults starting to rise from low levels reached during pandemic

  • Wells Fargo is seeing borrower defaults start to rise from lows reached during the pandemic as financial conditions begin to normalize, CEO Charles Scharf said, speaking at the Goldman Sachs U.S. Financial Services Conference.
  • “We would say the bottom has been reached,” he said.
  • Banks this year, including Wells Fargo, released billions of dollars from loan loss reserves after better-than-expected credit costs, boosting profit.

https://www.cnbc.com/2021/12/07/wells-fargo-sees-borrower-defaults-starting-to-rise-from-pandemic-lo...

Message 1 of 6
5 REPLIES 5
NoMoreE46
Valued Contributor

Re: Wells Fargo sees borrower defaults starting to rise from low levels reached during pandemic

Given this, was wondering if the increase in defaults is resulting in no CLIs being granted?

 

I haven't noticed a WF CLI in the past month or so...

 

 

Message 2 of 6
M_Smart007
Legendary Contributor

Re: Wells Fargo sees borrower defaults starting to rise from low levels reached during pandemic


@NoMoreE46 wrote:

Given this, was wondering if the increase in defaults is resulting in no CLIs being granted?

 

I haven't noticed a WF CLI in the past month or so...

 

 


@NoMoreE46, It seem's that there is one within the past month or so.  ..I guess I just squeaked in!

 

Message 3 of 6
NoMoreE46
Valued Contributor

Re: Wells Fargo sees borrower defaults starting to rise from low levels reached during pandemic

Thanks @M_Smart007  for this.

So just one then...

 

 

Message 4 of 6
ocheosa
Valued Contributor

Re: Wells Fargo sees borrower defaults starting to rise from low levels reached during pandemic


@NoMoreE46 wrote:

Thanks @M_Smart007  for this.

So just one then...

 

 


@NoMoreE46 They're still giving CLI's. I just received my 4month SP-CLI on Nov 5th.  I asked if every 4mos (my call-in schedule) was still ok in the current environment? He replied, actually 3-4mos is fine. Just adding a DP.

[4/22] Scores 8/9: 700-800s. Util: 1%. Inq/12: EQ 1, EX 6, TU 3. AAoA=5y, AoOA=35y, AoYA=1m.
TCL $468.6K: Personal $387.6K, Business $81K.
Message 5 of 6
NoMoreE46
Valued Contributor

Re: Wells Fargo sees borrower defaults starting to rise from low levels reached during pandemic


@ocheosa wrote:

@NoMoreE46 wrote:

Thanks @M_Smart007  for this.

So just one then...


@NoMoreE46 They're still giving CLI's. I just received my 4month SP-CLI on Nov 5th.  I asked if every 4mos (my call-in schedule) was still ok in the current environment? He replied, actually 3-4mos is fine. Just adding a DP.


Excellent and thanks @ocheosa !

Message 6 of 6
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