Wells Fargo & Co. reported yesterday that Citigroup Inc. has dropped its bid for Wachovia Corp. The move leaves Wells on track to complete a stock-swap acquisition by the end of this year. Combined, W&W originated nearly $80 billion during the second quarter, well above the $58 billion in residential third-quarter production reported by Bank of America Corp. -- including volume from recently acquired Countrywide Financial Corp. The merged entity could wind up as the No. 1 U.S. mortgage lender.
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Welcome to Mortgage-Lending-News.Com. The United States Mortgage Industry is at a crossroads. Hundreds of billions in loans and real estate valuations have been lost due to the sub-prime mortgage crisis. Even worse, billions more are at risk during the first half of 2008, as even more adjustable rate mortgages reset their rates. Hardly a day goes by that we don't hear of a foreclosure crisis in the news. Quite simply, there is too much news for us to keep up with, so we built this Mortgage site, initially as a means for us to internally follow what is going on in the mortgage industry. Now, we are sharing it with you.
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