Hasta la vista, subprime

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We promised more on the Wells Fargo decision to exit the wholesale subprime lending business, and here it is: an e-mail, forwarded to L.A. Land, from one of the 200 or so employees axed:

Subject: Hasta La Vista,

Dear Friends:

At 11:00 AM Central Time, Wells Fargo exited the Wholesale Nonprime Market. No more subprime from Wells Fargo, effective immediately. Any loans in the pipeline will continue to fund until 8/31/07. For any questions about your loans, please contact our Ops center at 800-xxx-xxxx.

Thank you all for the business we have been able to do together.

It’s been a GREAT run.

And yes, I am looking for a job! Any referrals or leads will be greatly appreciated.

xxxxxxx,

Formerly of

Wells Fargo

Alternative Lending.’