The SEC's questions, which may represent another headache for Wells Fargo following a sales scandal, relate to assumptions the bank made in Discover More Here determining how to value the loans. On a portfolio of so-called "Pick-a-Pay" mortgages, for example, the discussion focused on metrics such as borrower credit score and loan-to-value. Those valuation assumptions affect Wells Fargo's earnings in that, when banks acquire distressed assets, they must value them in a way that involves some guesswork about whether the loans will be repaid. The values can rise or fall significantly over time, depending partly on the accuracy of the guesswork, which in turn can lead to gains or losses. In recent months, stock analysts at firms including Keefe, Bruyette & Woods and Credit Suisse have raised questions about whether Wells Fargo's earnings are supported by underlying business growth or accounting maneuvers. In a Sept. 23 note, Credit Suisse's Susan Katzke said the bank's "shares were pressured by debatable earnings quality," even before a sales scandal erupted on Sept. 8, hammering its stock.
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