Wells Fargo & Co. has apparently found a buyer for a $600 million portfolio of non-performing subprime loans, according to investment banking officials.
However, at press time it was unclear who the investor is. The buyer, noted one source, may not have bought the entire package but most of it.
A Wells mortgage spokesman had not returned a telephone call about the matter. In the past the bank the nation's second largest servicer with $1.78 trillion in receivables has not commented on such auctions.