The focus of the financial industry this morning is on Wells Fargo investor relations. It reported record earnings. Wells Farog's investors were happy to see the company's second quarter earnings at 3.17 billion. It is up 81 percent from last year; $6.22 billion for six
months ended June 30, 2009, up 66 percent from last year.

Wells Fargo and Wachovia unveiled 3 new CEO mobile banking features that help the busy executives to see where their money is and what is it doing.

While Goldman, Wells, and JP Morgan’s reporting of positive 1st Quarter 2009 profits helps to start the slow recovery process, we are not out of the woods just yet.

A bold and unexpected statement came from Wells Fargo today regarding projected first quarter earnings of $3 billion, this news comes two weeks ahead of schedule. How is this possible and why are they reporting now?

Mortgage rates are on the move again and not in a positive direction. Due to better than expected earnings from Wells Fargo the Stock Market is rallying at the expense of mortgage bonds. Recently relaxed Mark to Market account rules may have played a role in Wells Fargo's surprisingly good earnings.

Wells Fargo results surprise Wall Street and show that real competitive risk is looming for mortgage brokers and bankers.

Wells Fargo this morning projected a stunning 3 billion first quarter profit sending its shares to trade 22 percent higher this morning, currently trading at 18.25. Lower mortgage rates and the fact that more people are refinancing has positively impacted the company business.

Wells Fargo mortgage rates are continuing to drop throughout the day today. The last I saw in the afternoon was 4.65 percent for the 30 year mortgage rate.

From a recent Wells Fargo email to brokers submitted to us from friendly Blown Mortgage commenter vicatibm:

In Moody's affirmation of Wells Fargo’s Aaa credit rating the rating agency pointed to the health of Wells Fargo’s $83.68 billion home equity portfolio as a key driver in the company’s rating. If this portfolio should see degradation then the bank’s rating could suffer, said Moody’s in a press release.

The city of Baltimore claims that Wells Fargo deliberatly targeted minorities with high cost, high risk loans. Therefore, the city has brought forth Federal charges.

The Federal Reserve Board on Tuesday (August 21) announced its approval of the proposal by Wells Fargo & Company, San Francisco, to acquire Greater Bay Bancorp, East Palo Alto, and thereby indirectly acquire its subsidiary, Greater Bay Bank, National Association, Palo Alto, all of California.