Wells Fargo Vegas Blowout Update

Posted by: Chris Palmeri on February 3, 2009

In an update to the blog item from 1PM asking how long it would take Wells Fargo to cancel their corporate party in Las Vegas for mortgage brokers, the answer is four hours.

Congress shouted. Wells buckled.



BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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