Thanks for the feedback - definitely not accusing you of hearsay, I just wanted to get to the bottom of your comment. Yes, the Wells Fargo news is material, but I don't agree they are "ditching it almost entirely". That contradicts statements they've made. They're one of the largest commercial banks in America, do you really think they'll exit mortgage lending entirely? Here's a few comments from Bloomberg:
"Wells Fargo & Co. cut hundreds of jobs in its mortgage unit this week, adding to thousands of cuts last year, as the firm retreats from a business it once dominated.The latest reductions affected more than 500 employees, according to a person familiar with the matter. Wells Fargo announced a “new strategic direction” for the business last month that includes exiting correspondent lending, a pivot that Chief Financial Officer Mike Santomassimo said last week is “largely done.” The firm also said it will shrink the portfolio of loans it services. “We announced in January strategic plans to create a more focused home lending business,” the company said in a statement. “As part of these efforts, we have made displacements across our home lending business in alignment with this strategy and in response to significant decreases in mortgage volume in the broader market environment.”
(Apologies for hijacking the TA thread)
CBA Price at posting:
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