Comments on: U.S. Bancorp gets hit with bad loans http://blownmortgage.com/2008/07/15/us-bancorp-gets-hit-with-bad-loans/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Matt http://blownmortgage.com/2008/07/15/us-bancorp-gets-hit-with-bad-loans/comment-page-1/#comment-13135 Matt Wed, 16 Jul 2008 07:10:24 +0000 http://blownmortgage.com/2008/07/15/us-bancorp-gets-hit-with-bad-loans/#comment-13135 Holy cow...what a negative spin on a pretty good quarter in my opinion. You forgot to add that they MADE 950 Million dollars in 2Q and management said they would recommend raising the dividend. Poorly written and very slanted post in my opinion. Holy cow…what a negative spin on a pretty good quarter in my opinion. You forgot to add that they MADE 950 Million dollars in 2Q and management said they would recommend raising the dividend. Poorly written and very slanted post in my opinion.

]]> By: Fielding Mellish http://blownmortgage.com/2008/07/15/us-bancorp-gets-hit-with-bad-loans/comment-page-1/#comment-13134 Fielding Mellish Wed, 16 Jul 2008 04:52:07 +0000 http://blownmortgage.com/2008/07/15/us-bancorp-gets-hit-with-bad-loans/#comment-13134 US Bank's losses are numbered in the millions (with an "M"), while other large banks' losses are numbered in the billions (with a "B"). US Bank never waded deep into Alt A and completely steered clear of Option ARMs and subprime. Their only exposure is 2nd mortgages, but they're nowhere near as upside-down as other banks like Wells, who, having a large California footprint, routinely went into 2nd position behind neg am Option ARMs. US Bank is the most secure large American bank there is. I am not an employee or stockholder. US Bank will come out of this smelling like a rose.<br><br>Wells' first mortgage business (also run out of MN) is like unto US Bank's: they never got into Option ARMs or Alt A enough to be at risk with most of their first mortgage portfolio. Wells' second mortgage business, however, was run out of the bank in California, and as such, was susceptible to the belief that trees grow to the sky...they routinely went into second position behind other companies' neg am first mortgages - the kind that Wells' own first mortgage division was too wise to originate. The fact that most all of Wells' losses will be seen to have been originated by their California bank branches will prove for the 194th time that the entire California home finance industry is and always has been utter shit from top to bottom. US Bank's losses are numbered in the millions (with an “M”), while other large banks' losses are numbered in the billions (with a “B”). US Bank never waded deep into Alt A and completely steered clear of Option ARMs and subprime. Their only exposure is 2nd mortgages, but they're nowhere near as upside-down as other banks like Wells, who, having a large California footprint, routinely went into 2nd position behind neg am Option ARMs. US Bank is the most secure large American bank there is. I am not an employee or stockholder. US Bank will come out of this smelling like a rose.

Wells' first mortgage business (also run out of MN) is like unto US Bank's: they never got into Option ARMs or Alt A enough to be at risk with most of their first mortgage portfolio. Wells' second mortgage business, however, was run out of the bank in California, and as such, was susceptible to the belief that trees grow to the sky…they routinely went into second position behind other companies' neg am first mortgages – the kind that Wells' own first mortgage division was too wise to originate. The fact that most all of Wells' losses will be seen to have been originated by their California bank branches will prove for the 194th time that the entire California home finance industry is and always has been utter shit from top to bottom.

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