Monday, May 28, 2007

'Safeguarding the American Dream' Symposium; Hosted by Wells Fargo

Wells Fargo Press Release
Washington DC
2007 May 15


Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet across North America and internationally.

Wells Fargo announced plans today to host 'Safeguarding the American Dream', a comprehensive, day-long symposium that will feature speakers representing the full cycle - from outreach to the consumer through loan origination and servicing. 'Safeguarding the American Dream' will take place Thursday, June 14, in Washington D.C., from 8:30 a.m. to 4:30 p.m. at the Ronald Reagan Building, 1300 Pennsylvania Ave, NW.


The event will bring together a wide range of mortgage industry leaders, consumer groups and public officials to discuss the challenges of sustaining homeownership in a changing housing and financial services marketplace. Wells Fargo has placed a heavy emphasis on instituting fair and responsible lending and servicing practices and developed industry-leading programs for consumers.


This symposium is the second annual event devoted to a comprehensive industry review of the actions, strategies, techniques, and steps necessary to ensure home ownership remains a possibility for a broad spectrum of consumers. This year's event will feature Alfonso Jackson, Secretary of Housing and Urban Development, as well as housing and mortgage industry leaders and consumer advocates who deal with home ownership and lending issues on a daily basis. Cara Heiden, division president of Wells Fargo Home Mortgage, Phil Bracken, executive vice president of Wells Fargo Home Mortgage, and Mary Coffin, executive vice president and head of Servicing for Wells Fargo Home Mortgage, will speak on behalf of the company.


Other speakers include Ken Harney, a national syndicated columnist, and representatives from:

Fannie Mae
Freddie Mac
ISI Group
National Community Reinvestment Coalition
Consumer Federation of America
National Association of Home Builders
National Association of REALTORS®
Mortgage Bankers Association
National Association of Mortgage Brokers
National Association of Hispanic Real Estate Professionals
National Association of Real Estate Brokers
Asian Real Estate Association of America


The topics to be discussed include:

The economy and the American dream, and how the current climate impacts housing and mortgages
Taking up the challenge of sustaining homeownership
Building and financing the dream, an industry responds to a challenging climate
Back to the neighborhood; building thriving communities in America's cities and towns


Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."

Wednesday, May 09, 2007

Wells Fargo Starts Cross-Border Lending in China

Wells Fargo Press Release
San Francisco, California
2007 May 2

Wells Fargo HSBC Trade Bank, the only nationally chartered bank in the U.S. exclusively devoted to international trade, launched a cross-border lending initiative today that makes it the first financial services company to offer financing in both domestic and foreign currency for middle market firms doing business in China.


Where most U.S. Banks lend only against a company's domestic collateral in the U.S., the Trade Bank's unique equity joint venture partnership between and the HSBC Group allows it to finance overseas credit needs of $10 million or less secured in part by collateral held in China. "The Trade Bank is able to supply the missing piece to U.S. based middle market companies who need financing overseas," said Sanjiv Sanghvi, Trade Bank CEO. "Securing credit in-country, in a local currency, based on overseas collateral helps companies expand overseas without tapping out their potential for domestic growth." The Trade Bank is currently the only such institution offering this service to U.S. businesses doing business abroad.


The service is best suited for U.S. based middle market firms earning between $20 - $500 million in revenues with a local presence in China. "The Trade Bank serves clients engaged in many facets of international commerce, not just trade," said Tim Evans, Chief Operating Officer of the Trade Bank.


"Owing to our unique partnership, we can leverage HSBC's international capabilities together with Wells Fargo's proven domestic expertise to provide full financial services support for our customers doing business in China." A sponsor of World Trade Week in Los Angeles, the Trade Bank -- one of "The Major Trade Banks" according to World Trade magazine (April 2004) helps local companies increase international sales while reducing risk, accelerating cash flow and improving operating margins.


Combining Wells Fargo's wide array of financial services with HSBC's extensive network of international locations, The Trade Bank delivers import-export financing solutions and international expertise to U.S. companies doing business internationally. The Trade Bank delivers extensive trade services, cash management and international treasury services to its customers online over Wells Fargo's industry-leading Commercial Electronic Office® Business Portal.


It also brings its customers local market knowledge through the HSBC network covering 76 countries and territories. Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally.


Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA." HSBC Holdings plc is headquartered in the UK.


The HSBC Group serves over 125 million customers worldwide from more than 9,500 offices in 76 countries in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,738 billion at 30 June 2006, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.