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.

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