The Associated Press was reporting early Wednesday that yet another
major mortgage bank “has finally bogged down in the mortgage muck that’s
muddying one major bank after another.”
Wells
Fargo, the number five U.S. bank has said it will recognize $1.4
billion in losses in the fourth quarter OF 2007. Unlike most of the
losses which have clobbered other lenders, Wells Fargo appears to be in
trouble not because of sub-prime lending of first
mortgages but because of its…