Wells Fargo Considering Eliminating Stated Income

In an email communication from my wholesale representative it appears that Wells Fargo is eliminating stated income immediately on its home equity programs and is seriously considering eliminating "borrower selected" stated income from its product mix. It appears that stated income may be still available based on risk grading via the automated underwriting engine; but otherwise will not be an option to borrowers. The email also mentions that non-conforming ARM loans are not performing well and that pricing should worsen signficantly on those products in the near future. While I know some of you don't care what Wells Fargo does (Russ) I think it's important to track the evolution of the major banks and their lending criteria as veritable ‘canaries in the coal mine.' What they d