Wells Fargo (WFC)

WB's Option-ARM portfolio comprises 45% of their loan book. Its going bad very fast. They expect 12-14% of the portfolio to be written off. 13% of 122b is roughly $15b. WB market cap as on today is $31b. They have to raise capital...sell non-core assets or raise equity or whatever....

WB earnings will be under pressure...

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