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| A big portfolio of subprime mortgages has been sold by Wells Fargo & Co.
The San Francisco-based institution sold a $600 million portfolio of subprime loans, a spokeswoman confirmed to MortgageDaily.com. While the size of the portfolio sale is huge, it’s still a drop in the bucket given that Wells originated more than $50 billion in home-equity and subprime loans annually during its heyday. The loans in the portfolio sale were non-performing — suggesting a hefty discount might have been involved. The Wells spokeswoman declined to comment on the buyer or any other details about the sale. |
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