The squeeze in the mortgage market has intensified as lenders have raised rates and toughened terms.
Wells Fargo largely confines itself to the mortgage market and other consumer sectors like auto loans.
The mortgage market was likely to "remain constrained" in the coming months, the group said.
Flush with cash, lenders lowered loan standards, and new players entered the mortgage market.
In other words, there can be no vigorous mortgage market such as the U.S. enjoys.
Excessive building, overeager speculators and problems in the mortgage market have created a glut of homes.
The government used Fannie Mae and Freddie Mac to prop up the mortgage market.
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The company also said that attempts to revive the mortgage market were beginning to bear fruit.
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Despite the losses, the mortgage market turmoil has hurt Wells Fargo less than many other lenders.
What would we say was the overall state of the mortgage market at that point?
Despite the risks, the mortgage market might be suggesting that shoppers buy sooner rather than later.
"We expect difficult housing and mortgage market conditions to persist, " chief executive Angelo Mozilo said.
Fannie Mae and Freddie Mac are government agencies that support the US mortgage market.
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Fannie Mae supports the US mortgage market, which collapsed in 2008 after the housing bubble burst.
One reason is that the country's banks were relatively unexposed to the US sub-prime mortgage market.
Before the subprime mortgage market collapsed, some top executives of mortgage and finance companies made a killing.
In the UK, lenders have recently gone through a mortgage market review that tightened rules on applications.
My backup is the home mortgage market activity as well as brokerage house earnings powered by cost-cutting.
It has around 5% of the mortgage market and around 12% of the savings market in Wales.
But these reasons all lead to the same simple fact that the mortgage market was underpricing risk.
Their collapse would be disastrous for the U.S. mortgage market and the country's financial system in general.
The solution lies not in cutting interest rates further, but in shaking up the over-regulated mortgage market.
They believe the next time the mortgage market is in trouble the federal government will step in again.
The UK mortgage market has been boosted by government schemes to help first-time buyers, according to homebuilder Redrow.
BBC: Mortgage market boosted by lending schemes, says Redrow
We all can see the responsibility of Wall Street and the U.S. mortgage market for today's global recession.
The first was the collapse of the mortgage market and the second the institutional financial crisis that ensued.
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The government must reduce its footprint in the residential mortgage market and stop competing with private mortgage lenders.
He decided to short the mortgage market, using a financial tool known as the credit-default swap, or C.
The bank said the funds had lost a lot of money by investing in the U.S. subprime mortgage market.
It too turned bearish on the mortgage market before the financial crisis erupted.
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