Wells Fargo Terminates Subprime Loans

The big news in the mortgage world is the decision by Wells Fargo to stop offering subprime loans to borrowers. This is hardly a surprise given the problems with these loans. Specifically, bad credit borrowers who got into properties using these loans over the last six or seven years are now defaulting like mad. If you have bad credit, you are going to have problems getting a loan these days. Your best hope is to clean up that credit. It can take six months, so start doing it now.