Wells Fargo & Co., the second-biggest U.S. mortgage lender, raised the credit requirements for customers to secure home loans amid what some bankers have called the worst housing slump since the Great Depression. Starting May 23, higher credit scores are needed for loans that cover 95% or more of a home’s value, the San Francisco bank said in a May 16 report to clients. The company also eliminated some cash-out refinancings for customers with loans that represent more than 80% of the price. Wells Fargo, the biggest bank on the West Coast, is implementing the changes a month after reporting an 11% drop in first-quarter net income because of loans that won’t be fully repaid. For the full story visit http://www.latimes.com/business/la-fi-wells23-2008may23,0,2106213.story
