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Wells Fargo Exits Reverse Mortgage Market
Wells Fargo will stop offering new reverse mortgages.
Wells Fargowill stop offering new reverse mortgages,The Wall Street Journalreports. The special type of home equity loan available only to homeowners over the age of 62 is run through a program by the U.S.Housing and Urban Development Department.
The San Francisco-based bank will continue to service existing loans, but will not create new loans from the end of June 2011. The reverse mortgages made up about 1.2% of Wells Fargo’s total mortgage volume.
Click here for the story fromThe Wall Street Journal.
Click here for the additional coverage fromReuters.