A surge in mortgage originations helped Wells Fargo (WFC) post second-quarter profit that was 81 percent higher than a year ago. At the same time, delinquencies in its massive portfolio of existing loans climbed rapidly, the company said [pdf].

Wells Fargo reported profit of $3.17 billion, or 57 cents a share, compared with $1.75 billion during the same period a year earlier. That outpaced analysts' projections for net income of 34 cents a share. But commercial real estate loans, residential mortgages and consumer and business loans no longer accruing interest rose 45 percent, sending the company's shares down sharply in early trading.

Increase your money and finance knowledge from home

Introduction to Value Investing

Are you the next Warren Buffett?

View Course »

Asset Allocation

Learn the most important step in structuring an investment portfolio.

View Course »

Add a Comment

*0 / 3000 Character Maximum

1 Comment

Filter by:
oram020347

Reverse mortgages are not a bad financial product. Very few times does it actually work out the way the home owner wants it to.

http://www.reversemortgagelendersdirect.com/reverse-mortgage-loan/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-rates/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-calculator/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-information/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-pros-and-cons/
http://www.reversemortgagelendersdirect.com/how-does-a-reverse-mortgage-work/
http://www.reversemortgagelendersdirect.com/who-qualifies-for-a-reverse-mortgage/

August 20 2013 at 2:57 AM Report abuse rate up rate down Reply