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coach gold purse Wachovia, and Wachovia is beginning to contribute to Wells earnings in a significant way. Another big contributor is profits on mortgage refinances. All banks that originate large volumes of home mortgages, and Wells is one of the largest, will profit handsomely from the Treasury's effort to keep mortgage rates low.Ultimately, however, most mortgage loans are sold to the Government Sponsored Enterprises (GSE's) Fannie Mae and Freddie Mac. Increased mortgage volumes of sold loans are not an indicator that banks have increased loans to consumers from their own assets.Increased revenues from new mortgages and refinancing helped drive Wells Fargo to record earnings. Home buyers now have the ability to borrow at very low rates of interest due all of the governmental actions taken to bring rates down such as lowering the fed funds rate and announcing its intention to purchase government securities in the open market. The shape of the yield curve is very favorable to banks right now. This gives banks the ability to borrow short and lend long which is how they make money. So, yes the government's efforts have put more money into the hands of people looking to buy homes or refinance existing ones. The question remains, what will the long term consequences of these actions be? Higher inflation? Higher interest rates? If the banks' profits are eaten up by increasing reserves for bad loans and write offs for toxic assets, then we are back where we started last fall.Ask the Editor Nixing story comments isn't a decision taken lightlyOn some occasions, however, the posted comments will cross the line