next is marked with wells fargo. >> hello, i work for wells fargo bank. i cover the northern california region. i usually focus on about $350 -- $350,000 of sbe loans. last year, for 2010, i did 43 loans. so we are lending. i usually focus on six different types of loans. start-ups, business acquisitions, real estate purchases with ti's, working capital, a partner buyouts, business expansion. when i am looking at a potential loan, i use the standard five c's of credit. the first one is character. what we are looking for is a minimum score around 640. we would like to say no recent bankruptcy foreclosures, bankruptcies, tax liens. if we see a loan that has been modified, we would like to see a reason it was modified, what ever reason it may be. it cannot be, i did not want to pay that payment any more. the second c, conditions. basically, how precise will the money be used? we are looking at a business plan. when you look at a business plan, that is just a start up. we are looking to see where there will be the need for lending. if you are an existing busi

lincoln and wells fargo chevron visa and bon appear teeth and of course, [spelling?] at&t and to the foundation and we thank all of you. here's to union bank and hosts man and of course, to a t and t to our san francisco giants you are the only team for me now let's -- our great hero, david and john caste too. jock robber shell vickier braive show and callahan here's to you and we raise your glass and toes all of the -- [inaudible] there is such excitement blooming and i'll share it all with you 20 scene our new hospital will make it's grande beauty and we will continue to offer -- and we will stand strong and take a strand we believe in giving everyone a -- we say we building this -- san francisco has in store .... a new dawn a new day ... (applause) is. >> thank you seaner and beach blanket babylon. ladies and gentlemen, it is now time for the heros and hearts awards. our first award will be presented by tracy. president of san francisco market, wells far go to assist with the presentation of the awards please welcome louisa house worth. san francisco foundation boa

wells fargo sold his home at foreclosure action. the first day he heard of it was the first day of the sale. he couldn't stop it. wells fargo sold his only in 2012 and they evicted larry on december 15, 2012 leaving his brother, -- his disabled brother still in the home with a tenant. a second case is the case of [inaudible] who is mixed race disabled senior in the bay view and mostly bedridden and ill with emphysema and asthma. she's in litigation with the bank of america who sold her home in 2011. this morning i talked to her. she wasn't able to come because of her disability. she said she wanted to die in or own home. with current senior housing timelines she told me she feels like she would be dead before getting a placement and she is scared of being homeless. in another case a fellow named henry terminally ill gay man with aids complications living in the sunset. he's trying to get wells fargo to delay his eviction so again he can die in his own home. the financial strain and displacement and services and medical services and

wells fargo, they said down 30%, this doesn't make sense to us either. wells fargo is up 1.1%.hire hathaway stake's in wells fargo, american express, reuters reporting it is down 13%, it is not, it is unchanged. there were some shifts if you look to kraft and mondelez, a drop. also decrease the share or the stake that berkshire hathaway holds in moodys, not a huge surprise. we'll look through some of the filings. >> we confirmed the dish thing yet? is that something we're still working on? >> i have not seen the dish numbers. >> i've seen it, it is on the sheet. i don't believe it was on there before. >> this is right. >> staff screaming across the newsroom. says berkshire has taken a stake in dish, a new stake. >> alex quip is looking through all the situations. dish is something i think that todd and ted had potentially looked at in the past. >> what i was going to say, so interesting, now looking at the filings, compared to before, a dish or technology company you normally look and go, really? but now that you have todd and ted there, we're working on this stuff, you can sta

gracias por hacer sus transacciones con wells fargo. gracias.ol! ¡golazo! !gol! si cariño, todo natural, listo. ¡ah! el cheque... ...listo! por teléfono. por internet. o donde estés. wells fargo hace más fáciles tus transacciones bancarias... y listo. >> a ver, gema, que tiene que ver una acción buena que hizo contigo la que era tu mejor amiga y además tu concuño pues quitó ese dinero para atender una situación médica urgente lo cual yo no hubiera hecho de dónde sacas que el niño de dos años no es hijo de pablo nos conocemos tú no fuiste a las discotecas no te tomaste tus copas nunca les erraste el ojo nadie pues por eso nos conocimos eso lo hacemos absolutamente todos los seres humanos cuando estamos solteros y cuando estamos conociendo pues la verdad no te es comportado como tal porque perdone, señora, pero si tú te dice ser o te dijiste ser una amiga para la señora y ella puso todo y la amistad contigo encima de todo cómo te atreves a traer el pasado y lo que ya vivieron de jóvenes pues eso ya se quedó atrás nosotras salíamos se íbamos a todo

james: wells fargo is off of its 52 week highs. momentum has shifted to the downside a little bit. but it does seem to be finding some support at these levels however. banks have led the rally higher here and i think if the market does rollover they'll lead the selloff--- alan: they've done very well with the re-financing boom. but this stock---i was looking at its 20 year chart---tok out the highs by a few cents and then went back up. around 40 is a good level. i think a better play is in xhb, the homebuilders sector. they've come back and its holding a support level. it's 105 off and the momentum level there is still very strong. angie: topic number 3---wage war: wendy's, walmart, and costco all have very different ways of paying employees. which stock is the best investment? alan: it's interesting here that they have different philosophies---a conuru wrapped in a riddle as far as how to pay their people. and you can see costco pays their employees 20 bucks an hour. they're a great stock and done very well. i think the best out of these stocks right now is walmart. it's about 10%

wells fargo up 1.1%. coca-cola unchanged. want to run through some of the other numbers, there are some issues, craft and mondelez looks like they have dropped their stake by 88% and kraft and monday louise probably not a surprise given the -- >> can i point out the most accurate thing this morning has been your intuition about what buffett is doing. when i read that headline and you said, that made no sense, and i'm looking at a headline, i'm, like, which do i believe, now i know which one to believe in the future. >> if you follow him, watch him over the years, you know you can change the stake like that. he did drop the stake in kraft and mondelez to 88%.

wells fargo eaings should be decent over the next couple of quarters but i don't see how wells fargos going to step aside and not get sued along with everybody else. bank of america got hit last week, citigroup is being looked at obviously we have mention jpmorgan and everything you can think of. iizm think you're going to havo see housg bank stocks will react to these lawsuits which will be sizable in number. melissa: thank you for coming on the show, we appreciate your time. that everybody agrees with the rising rate will not kill the housing recovery. the other side is founder and ceo, welcome to the show. what did you agree with and disagree with what you just heard? >> i disagree with the notion rates will not have an impact on demand. but i agree with the concept that overall housing is going to see a decline both in prices and demand overall. melissa: why do you think that? >> there are several factors at play. if we look at the interest rate factor we first had addressed, the interest rates while looking at it the past 30 years for example there is not a direct coelation wit

i'm here to talk about a new partnership between wells fargo and american express to issue wells fargorican express network. >> so this is really interesting because when i looked through the stats of who are the top credit card issuers, i couldn't believe that wells fargo is as far down the list as it is. is the goal to try to bump up that list? sh >> you're right. one of the goals is to grow our credit card business and we think this partnership with american express and wells fargo will do just that. we're excited about the products that we will be putting in market later this year and into next year. and they're really going to serve customers' needs. they'll have rich rewards, great customer experiences, and wonderful value. >> why do you think wells fargo hasn't had a bigger role in this before? again, i was pretty surprised by that? >> it is surprising. it just has not been the focus of ours, but as we look at what our customers want and desire, we know that they like -- they like and need credit to achieve their goals and objectives. we've got 70 million customers at wells farg

last but not least, we have our conditional lender represented here by wells fargo. mark cyrus is the senior fda banker for the region -- the senior sba banker. he held businesses choose the best loans for the growing business and focus on a comprehensive understanding of their goals for their business. mark is responsible for helping entrepreneurs with sba loans every step of the way. i would like each of you to speak a little bit about what your organization does and, more importantly, address the audience here and let them know what your looking for when you are hoping to fund their loan. we will start with you, mark. >> absolutely. thank you. i want to thank speaker pelosi for putting this together. i want to thank all of the of for coming out on a smell it -- snowy san francisco date. [laughter] we've been told we should get us know when we go back outside. not sure what to expect. second, i thank speaker pelosi for all the work she did to support the jobs act and before that, the stimulus bill, the original american recovery act bill that allows sba to be able

glad to be here. >> so wells fargo declined to meet with you last week.n a written response, they said they don't have contractual authority to sell the private loans to the city. why go after them and other banks if they're basically telling you they legally cannot change these loans? >> well, frankly, richmond has hit -- been hit really, really hard by this economic crash. we have over half of our mortgages in the city under water. and we have nearly 1,000 homes in foreclosure last year, and many more coming forward this year. lots -- millions of dollars in community wealth has been lost, and that's last year -- >> there's a lot of wealth that's been lost across the country, by the way. everybody's feeling it. >> right. >> yeah. >> right. and frankly -- >> you know, there's another side of the story, madam mayor. >> sure. >> the banks say they don't have the authority to sell these. i mean, a lot of these mortgages were put through that cuisinart and sold -- securitized and sold to investors, like pension funds and others who bought these mortgage-backe

gracias por hacer sus transacciones con wells fargo. gracias.

wells fargo's gina martin adams says there may be more ahead and she is here next.out to break let's see how the u.s. dollar is moving right now as we finish off what would normally be a quiet week in august. what a week. most of the currencies moving higher against the u.s. dollar. just the british pound down a bit. we'll be right back. right now is being streamed. a quarter million tweeters are tweeting. and 900 million doars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together. trust your instincts to make the call. to treat my low testosterone, my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may beco

i do have one question for wells fargo. what are the typical rules for applying for sba loan of less than $50,000? how much money do we need to have in your bank to apply for a loan? >> i am on the smaller side of the bank. i am a transaction guy. i do not technically require one to have an account to do a loan with. what i look for, i generally start at 100,000 and up. when it is a requirement of 50,000 or less, i tend to call of the micro guys to help me out. that is right in their box. for us, the capacity for us to do the smaller side is not there as much as it is for them. on getting a loan through my side of the bank, i do not require an account to do that. we would like to have it, but i do not require it. >> last question for the opportunity fund and a critic representative. are you a cdfi? is san francisco and s.p.a. in support of cdfi's being established in san francisco? >> yes, we are. we were founded in 1999 with a small business loan. that is how we started our tenderloin office. >> opportunity fund is a certi

one of the partners is wells fargo. have been very successful in helping us to find funding, and helping us to find volunteers to make our clients successful through financial training. >> what i tell my team is that we have a responsibility as teammates of wells fargo bank as part of the vision and values to help support our communities, and a great way to do that is to be the advocate so that we can help the communities achieve the financial goals. community housing partnership is a great example of something that we have done locally in the bay area. >> our relationship with wells fargo is more than a funder. through the team member engagement, they are on the ground to help us to achieve the mission and goals. they have open policy to listen to us about the needs and how they change organizational ly fr us. wells fargo has partnered with the community housing partnership to help end homelessness here in san francisco. >> to learn more go the wellsfargo.com/about/charitable s. >>> this rn mobbing more than 1,000 kids

rates, wells fargo, layoffs in the mortgage division. was surprised by that. that is one of the most profitable divisions for them. what do you make of that? >> rising 10-year. we saw the long end of the curve rise. that means mortgage rates rise. the 30-year mortgage tends to be priced off the 10-year. when that is the case. sure you get a boom of mortgages. people say this is my last chance and people run to the market but history tells us ultimately it slows. here is the largest mortgage player rationally looking ahead, saying well, mortgage volumes will drop off. i have to downsize. wells fargo, extremely well-run bank. they're looking ahead. not great if you happen to be in the mortgage business at wells but it is right thing for the stock. cheryl: it is their biggest business. david: how will all this change, if the fed, let's hope gets back to some normalcy with regard to rates? will we see more emphasis on fixed income than the last year? >> fixed income is rising rate environment. at first they do fine. then they begin to slow d

. >> the mayor of richmond will go to wells fargo headquarters to fight for the plan to help homeowners underwater on the mortgage. the mayor will try to convince the bank to drop their lawsuit. richmond officials and community leaders announced a plan to use imminent domain to seize the mortgages those would face foreclosure because they owe more than the home is worth. the program would modify the troubled mortgages. last week, wells fargo fired lawsuits to try to block the plan from moving forward. >> new data released release red than 30 percent homes compared to last year. and completed foreclosures will be 429,000 below the total from last year and the fewest since 2007. >> a wildfire burning this morning in the tahoe national forest is threatening part of california history. the gold rush towns of deadwood and last chance are in the fact of the flames, significant in history. the old mining town is in the most imminent danger and no populated areas are threatened and only 10 percent contained. in utah, residents home to return home as firefighters battle a 2,000 acre wildfire aft

. >> and it will be 91 in new orleans today. 81 in chicago and fargo. high humidity to go along with those 80s for baltimore and boston. 80s also for the west coast. >>> well, a first of its kind study reveals something interesting about wedding gifts and what a lot of newlyweds do with all the stuff they get. >>> plus, tale of the tape. learning more about the shoot-out that happened inside the school. and hearing the dramatic 911 call made in the middle of that cha chaos. >>> also, cool and calm under pressure. a teenager jumps into action when three children were trapped in a burning car. >> the amount of smoke spewing out of the car was getting ridiculous. i knew it was a race against time. >>> all right. traders are hoping today is the day wall street ends its losing streak. the dow posted its sixth-straight day in the red yesterday, slipping below the 15,000 mark. the dow slipped 4.5%, 760 points from its record high on august 2nd. >>> the nation's largest mortgage lender is cutting thousands of jobs. wells fargo is cutting 2,300 mortgage-related

last week, wells fargo and deutsche bank filed a lawsuit to block the plan from moving forward. wildfire burning in the tahoe national forest is threat being part of california history, two gold rush towns are in the path of the flames and both are significant areas of the county. the old mining town of last chance is in the most imminent danger with no populated areas threatened. the fire is only 10 percent contained. >> in utah hundreds hope to return home as firefighters continue to battle a 2,000 acre wildfire sparked by lightning. flames destroy 14 homes and several vehicles and boats and shifting wins pushed the fire to 250 homes in a subdivision ten miles northeast of park city and that fire is 25 percent contained. >> time to get our latest weather conditions. mike nicco, what is going on? >> we will start in the east bay where the traffic is this time in the morning. temperatures are in the low-to-mid 60's because of the lower clouds and increasing humidity. the only exception is in the north bay, santa rosa and novato at 54 and napa at 55, oakland is at 63 and san jose

david: you're also big on wells fargo. right? >> wells fargo is interesting. they're fourth largest bank by size and largest on capitalization on return on equity in the industry and a play on housing industry. david: are you concerned, a lot of people said the spurt in growth on housing in winter and spring is coming down now and with interest rates going up it may come down even further. >> no doubt about that. i think the horizon mortgage rates is a headwind for the housing industry but on year-over-year basis we'll still be in pretty good shape of the what we'll do during 2013, versus 2012. liz: nor foiling southern, the choo-choos, is it obvious, simply energy play they're shipping and bouncing off the back of the strong economy here? >> they are the largest shipper of coal in the united states, we understand that. they're largest shipper of automotive products. they're -- liz: speak of which, you said automotive products, tesla is now out. dennis kneale, the stock is jumping after-hours. >> tesla is electrifying. the stock is up with 8% already. instead

the job cuts come as wells fargo has been turning in a strong performance.he reported record net income of $5.5 billion. >> u.s. safety regulators are investigating complaints of ceiling fires in some jeep grand cherokees. the probe covers of 146,0002012 model years. three people complained that the ceiling caught fire near the passenger side sun visor. all three reported flames and then had to be put out with fire extinguishers or by the fire department. the sun rose shattered in one case, while in another, flames spread when they burned by is fell on to the passenger seat. >> the new york city council has voted to implement a watch dog group over the police department. the new group will have subpoena power to examine the police department's operations, policies, programs and practices. supporters call the new law a victory for civil rights. blumberg says the legislation will make it harder for police officers to protect people. the measure comes and it and growing concern about the nypd is use of the stop and frisk tactic. >> coming up on kron 4 morning n

. >>> wells fargo bank lays off more than 2000 people.ll tell you what prompted the cut. >> thousands of employees who were forced to take time off may get their money back. the push to get them paid as another threat of furloughs looms just a few weeks away. >> and we'll be back right after this. things won't last . ah! woof. some things will. save up to 20% on an ikea kitchen. and these are my roommates. this is one of my favorite professors. and so is this. this is my academic advisor. and also my cheerleader. and when i finish my degree in business... a new job, at a great company... that's the graduation present i want. [ male announcer ] in 2012, 90% of devry university grads actively seeking employment had careers in their field in 6 months. find your career success in the bay area. learn how at devry.edu. find your career success in the bay area. you're o♪ ♪meout leo! some things won't last 25 years. ah! woof. some things will. save up to 20% on an ikea kitchen. . >>> crews are working tonight to fix a leak that shut down a nuclea

. >> wells fargo has had a pretty good run of 27%.ll benefit from the steepening yield curve. >> it's a conservative bank, when i think conservative financials, i think of wells fargo. >> it really fits our client profile. a lot of our clients are kvrtive and work with a lot of brewers who cashed out of their businesses. they want to get on base and avoid strikeouts and i consider wells fargo to be the avoid the strikeout bank. >> really, the best place to go looking for a play on the markets. >> they have pretty good underwriting procedures and i trust their conservative nature. >> walgreens, is that a play on the job market. >> and also the affordable care act. with health insurance improving over the next few years we feel the retail drug stores will benefit from t.wall street undervalued historically when you compare it to its historical averages. decreased its dividend at a double daj pace and looking at the business model made some. >> recent acquisitions and in doing so what they are really going to be doing is shifting from yo

we just had some nils from wells fargo a nils from wells fargo. dow futures are now down nine. low oil prices added to your high. >> the time is 6:29 a.m.. our top story this morning is traffic. we would tumble to george. >> the san mateo bridge, highway 92 and westbound direction. here is a live look. we are--you concede it is a bed late back up because we had an accident on 92 west on. right at the toll plaza of the bridge. that crash has been cleared out of the traffic lanes but it managed to back up the westbound on 92 ride but also the south bond 880 ride. this is the impact perry ed this is a leading to westbound 92, the crash has been cleared so it is out of the traffic lanes, here is a look westward from the san mateo bridge. it seems to have eased just a little bit. as you can see the backup is still pretty heavy. minto plaza still has not backed up to bed early but it is heavy across the span. a course of keeping a close eye on the ride from richmond san rafael bridge. it is already starting to slow for the traffic and from the 1 01 southbound ride. you concede slowin

that has not knot helped. >> they maitd moves towards working with me to get a modification. >> wells fargotold us we have worked with her three years and will continue to try to identify options that are appropriate for her individual financial circumstances. our foreclosure vait less than 1%. rising home values could make it more difficult for struggling homeowners to get modifications. grace martinez is with the alliance of californians for community involvement. >> i think that people are barely hanging on. there have been a lot of cuts and it's been difficult for families. >> reality track predicts another of round of foreclosures in san francisco incoming months. >> for last four months in san francisco foreclosures have increased. >> he advises home buyers to be patient and not feel have you to buy now. >> it feels great. >> the next wave in sab fran won't be overwhelming flood but does expect an up tick. i won't be surprised. >> yes. thank you very much. >> coming up next, a possible new risk factor for intention deficit disorder. >> you may not have to wait for your child >>> scien

the job cuts come as a willis fargo-wells fargo has been turning in a strong performance., the report at a record net income of 5.5 billion up 19% from the a year earlier. this might come as a surprise to coffee drinkers, starbucks is not america's favor profit when it comes to growing at home. but the honor goes to falters. according to bloomberg, folders held an average 15.6% of the u.s. retail market share, by volume, between may and july. at starbucks in comparison only held 3.3%. the secret to folders success is that the company has been around since 1850 and has long held a place in american culture. ♪ i, i got it, i got it made ♪ i got it made ♪ i got it made fresh at subway ♪ ♪ breakfast made the way i say [ male announcer ] nothing better than a subway bacon, egg & cheese with avocado made before your eyes. subway. eat fresh. made before your eyes. could save you fifteen percent or more on car insurance. yep, everybody knows that. well, did you know some owls aren't that wise? don't forget i'm having brunch with meghan tomorrow. who? meghan, my coworker. who? seri

the layoffs make up less than 1% of wells fargo's total workforce. try to help laid off employees with other opportunities within the company. >>> the wall street recovery could be a short one. futures trading suggest a downturn this morning. marlie hall is live in new york from cbsmoneywatch.com and has the latest. good morning. >> reporter: good morning. despite a six-day losing streak and a computer glitch that shut down nasdaq for three hours, wall street rebounded thursday. the nasdaq finished up 38 points and the dow climbed 66. >>> the latest retailer to report disappointing earnings, the new york-based company posted a loss in its latest quarter of almost $34 million. it increased the number of stores it plans to close. other teen retailers with recent slumping sales, abercrombie & fitch and american eagle outfitters. >>> j.c. penney has adopted a plan to protect against takeovers for a year as it works to recover from its worst annual sales in more than two decades. the plan would take effect if a person more group acquires 10% or more of th

attorney bre preet bharara. >> and wells fargo former ceo said if the law was violated, they should bet when it comes to regulating the industry, he said it's at a level that's damaging to the economy. dick joins us in an cnbc exclusive to talk more about that. welcome back, sir. >> hi, bill. >> good to see you again. >> hi there. >> what do you think is the onerous part of the u.s. regulatory agenda now for the financial services industry? what's hurting the most? >> well, i think one of the most is the mortgage business. as you know, the mortgage business has improved greatly, but not as good as it could be, because of this ability to pay issue that's in the dodd-frank bill. the industry is scared to death of the litigation that could result from this, and, therefore, i would -- i would surmise that the bottom 25% of people who should be eligible for a mortgage are not getting a mortgage today, because of the uncertainty of this law and the qualified mortgage and the other issues going on there. >> you know, i brought that -- >> we should be booming at the moment -- >> i brought that

she will visit wells fargo headquarters in san francisco today.fargo and deutsche bank sued the city of richmond to block a plan that would use eminent domain to force to sell more than 600 under water mortgages. >> a bicyclist who pleaded guilty to felony of vehicular manslaughter after striking a chilly pedestrian in the cash to district lester will be sentenced today. 37 year-old chris bucchere agreed to a plea deal last month which includes a sentence of three years' probation and one of the hours of community service. the felony conviction was the first of its kind in the nation. >> this is a case at slide continued. the time against the worst team in baseball. that the lead exposed to for their team photos before last month's game. that astros went on to win a 10- 1. they will face off again today at 12:35 p.m.. >> on to the giants. bottom of the fourth of the score is 1-1. and todthony rendon hammers once a center. two batters later, tim less income rose a wild pitch. the score is now 4-1 nationals. the giants came back the final score 6-5