Global Finance Magazine names Wells Fargo safest bank in North America, Among Top 10 Worldwide (San Francisco: mortgage)

[18Montclair]

For whomever is shopping around.

News Article Details

Quote:
The World’s Safest Banks were selected through a comparison of the long-term credit ratings and total assets of the 300 largest banks around the world. Ratings from Moody’s, Standard & Poor’s and Fitch were used.
World's 10 Safest Banks, 2008
Groupe Caisse des Dépôts (CDC) Paris, France
Bank Nederlandse Gemeenten (BNG) Amsterdam, Netherlands
Landwirtschaftliche Rentenbank Frankfurt, Germany
Rabobank Utrecht, the Netherlands
Landeskreditbank Baden-Wuerttemberg-Förderbank Stuttgart, Germany
Lloyds TSB London, United Kingdom
BNP Paribas Paris, France
Dexia Brussels, Belgium
Wells Fargo San Francisco, United States
NRW Bank Dusseldorf, Germany

[sonarrat]

Is that why they're charging 9% for jumbo mortgages now?

[RandalR]

Originally Posted by 18Montclair

Ratings from Moody’s, Standard & Poor’s and Fitch were used.

Yes, that's a helpful endorsement, since those agencies have been selling AAA ratings for years on the very securitized instruments that are now falling to pieces.

My impression is that Wells Fargo is somewhat safer that most large American banks because they haven't taken quite as many chances with their mortgage lending. But they are big, entangled with everybody who is in trouble, and probably not being entirely forthcoming with the true condition of their books. If you want safety, you'll have better odds with your local credit union.