Wells Fargo disclosed that it will further tighten its home equity lending standards and record a special fourth quarter 2007 provision of $1.4 bln (pre-tax), largely from certain indirect channels through which it is no longer accepting business. The company will continue to provide home equity financing directly to its customers, but has decided to stop originating or acquiring new home equity loans through certain indirect channels. It's too early to buy the stock, but it deserves to be on the watchlist for signs of improvement or a technical breakout.
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