2008.10.20
Telling the Truth?
Here is Richard Kovacevich, Chairman of Wells Fargo, telling Maria Bartiromo why his bank is different:
We did not make any No Doc, Low Doc, Option ARMs, Negative Amortization Loans, Stated Income, Teaser Rate ARMs through any subprime borrowers. None.
- Richard Kovacevich, CNBC interview
I believe it is true that they did not offer negatively amortizing products. I also believe the entire statement can be considered true if you agree with Wells’ ideas as to what constituted “prime”. Which I certainly don’t.