Wachovia issued to “A + / A-1″ from creditwatch, a stable perspective to PS & S & P lowered its credit rating of Wachovia to “A + / A-1″ to “AA-/A-1 + ‘. In the same time, reduces long-term credit to Wachovia Bank NA to “AA-” from “AA”. “The downgrade reflects the higher than expected loss, forecasts Wachovia residential district of Pick-a-payment portfolio of mortgages, which are weakened, the operating results for the short term. The one and a half have Golden West have taken a levy on Wachovia performance gains, but that era is coming to an end. “The company has announced on June 30, the option is that the output of adjustable mortgage business and is now focused on aggressive lending Pick-a-payment of mortgages. Wachovia under 122 billion U.S. dollars of Pick-a - Payment portfolio, 71 billion U.S. dollars or 58% of this portfolio is the difficulty in California residential real estate market, and the entire portfolio is very important and 24% of the loans.

Wells Fargo (NYSE: WFC) reports Q2 EPS of $0.53, versus the consensus of $0.50. Revenues came in at $11.46 billion, versus the consensus of $10.65 billion.

Wells Fargo increase of 10 percent of the dividends - 21 years in a row to increase the dividend

Wells Fargo & Company (NYSE: WFC) today announced a quarterly dividend share of 34 cents per share, representing an increase of 10 percent from the previous dividend of 31 cents per share - 21 Year in a row, Wells Fargo increased its dividend. The dividend is payable September 1, 2008, to shareholders registered on 8 August 2008. The company has about 3.3 billion shares in circulation.

“This increase, which the performance of the company and our confidence in the long-term growth is possible because our time-tested, the vision and values, the diversity of our business model and talented team that also works well in the operation to Wells Fargo meet all our customers’ financial needs, “said the head of the Directorate financial Howard Atkins.” Wells Fargo is one of the few financial institutions, which continue to increase its annual dividend, which today “, now 4.5 billion U.S. dollars.”

Wells Fargo dividends rose to 15 percent annual growth rate since 1988. Of all the companies in the United States last year, Wells Fargo, the dividend paid a total of the 14th Rank. With dividends reinvested, Wells Fargo stock rose from 67 percent of the value since June 1998 - an annual growth rate of 5.3 percent - compared with -0.76 percent for the Keefe Bruyette Woods bank index and 2.9 percent for the S & P 500 ® stock index.

Wells Fargo profit tops estimates that the income of insurance profits.

Wells Fargo, the second largest American Hypothekarkreditgeber, said he avoided subprime loans has caused more than 100 companies to close, sell or terminate, since the early 2007. Bank of America Corp. is the largest creditor of the inclusion of this month after the end of the operation to rescue the country, the purchase of Calabasas company.

Last month, analyst Vivek Juneja reduced in 2008 and 2009 in favour of Wells Fargo estimates due to the likelihood of new reserves for losses on loans.

If the profit is in decline in the middle of the mortgage crisis, Wells Fargo is the diversification by strengthening his contract insurance and credit cards. In May, Wells Fargo bought Flatiron Credit Co., funded by the premiums and the bank was setting up his credit card.

“ These areas provide the basis for the further growth of revenue, the mortgage bank in a difficult market segment in 2008, schrieb”Standard & Poor’s credit analyst Victoria Wagner, in a report last month. “ Wells Fargo openness is well managed and well-placed.”