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News Link • Economy - Economics USA

Wells Fargo's mushrooming mortgage risk

• Reuters

The new center of U.S. mortgage lending is a nondescript office building in the American heartland, far from the California subprime lenders and the New York investment banks that drove the housing market into a bust.

One out of every three home loans in the United States is now funded by Wells Fargo & Co, whose mortgage operation sits in a business park next door to a country club on the outskirts of Iowa's capital city.


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