12:13 PM » Wells Fargo CFO says slower home-buying persists
NEW YORK (MarketWatch) -- The country's largest mortgage originator Wells Fargo Inc. said on Tuesday the home purchase market is slower than the bank expected, in spite of market affordability and better employment. The bank's CFO John Shrewsberry speaking at the Morgan Stanley Financials Conference said the home purchase market has not risen "as much as we might have expected" and "people just aren't buying homes at the pace." New mortgage rules are hampering for less creditworthy borrowers to qualify for mortgages, said the CFO. However, Wells Fargo, the nation's biggest auto-lender, is seeing continued strength from car loans in the second-quarter after a good first-quarter. On credit for prime jumbo loans, the bank if offering more flexibility, said the CFO.