July 16th 2008 will go down in history as one of the best day ever for bank stocks. Wells Fargo did well - though there were some troubling details in the earnings report - like WFC will deem an account delinquent if it is more than 180 days past due [as opposed to 120 that they used to use as a standard]. This will mean that over $300M in accounts that are actually over 120 days delinquent - will not be deemed as being so - as they are in the sweet spot - between 120 and 180 days.
More soon.....
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