I will ask my wells guy. He is really helpful and has kept an eye out for me. Basically when we met said if you scratch my back...I willl scrach yours. I gave him 3 loans and now we have a nice business relationship. One side note, I put an offer on what title showed as B of A listing. However, on the selling side we needed to get a wells fargo pre-qual. I put in an offer and called my wells fargo guy.
He said that it was indeed one of theirs...It was wierd because the listing agent diappeared (3 days) when it was time to confirm my offer. Anyways, my wells guy was able to get correct email that was in the system. My wells guys emailed the L/A my approval and offer to correct email and asked him to kindly submit to PAS. Shortly there after (20mins) the L/A agent called me and told me he was submitting my offer.
I will ask who he buyer is for you..if you find out before kindly email me back
Mark Anthony Ruiz
Wells Fargo sold $600 million in mostly non-performing subprime loans to Irvine, Calif.-based Arch Bay Capital, National Mortgage News reported, citing sources familiar with the sale.
The industry publication said the loans sold for 35 cents on the dollar, about double what most hedge funds were offering.
Most of the subprime loans Wells (NYSE:WFC) sold were originated by once-high flying Accredited Home Loans and NovaStar Financial.
No one involved in the recent sale is talking on the record, which may be a key reason lenders will look to private transactions to unload bad assets rather than turn to a government-sponsored program, National Mortgage News said.
San Francisco-based Wells is one of Arizona's largest banks.
I just discovered the joys of bulk like this. Any one out there who isn't trying to track down the bulk buyers to relist this stuff is gonna miss the boat. There are many perfectly fine properties that in bulk are selling for pennies (ok dimes) on the dollar and the bulk buyers who want a quick flip will relist at a price comparable to the original foreclosure/bpo price. It's a win-win for sure. ;)