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Wells Fargo Exits HECM Market

June 20, 2011
Adam Buresh

Wells Fargo and Bank of America’s decisions are thought to be because of the headline risk associated with HECM loans. As servicers, they are required by the FHA to foreclose on borrowers who fail to pay their property taxes and home insurance. The negative press associated with foreclosing on senior borrowers is a significant concern to such large banks, for whom HECM origination is a small part of overall revenue. Ultimately they are abandoning a profitable and successful line of business because of the perceived risk it could pose to their overall operations.

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