Wells Fargo Expands its RMBS Platform

Enhanced Structuring, Trading and Distribution Capabilities for Clients

CHARLOTTE, N.C. - May 3, 2010

Wells Fargo Securities announced that it has recently expanded its Residential Mortgage-Backed Securities (RMBS) platform. The RMBS group now provides a full suite of advisory, structuring, research, distribution and trading services to our residential origination and investing clients and to Wells Fargo Home Mortgage (WFHM), the country’s largest residential mortgage originator. The group has added a number of key hires to oversee the business.

Mike Buttner has been appointed the head of Residential Mortgage Backed Securities. A 19-year veteran of Wells Fargo, Buttner was most recently responsible for managing the hedging activities of WFHM’s servicing rights and pipeline/warehouse assets. He reports jointly to Tim Mullins, head of Fixed Income Trading and Julie Caperton, head of Asset Backed Finance and Securitization, two divisions within the Securities and Investment Group.

Reporting to Buttner are Doug Lucas, head of Residential Mortgage Trading, and Dash Robinson, head of Residential Mortgage Finance Structuring & Lending. Lucas has more than 20 years of experience managing residential risk and most recently ran structured products trading in London for Bear Stearns, where his team set up a mortgage company in Europe. Robinson was previously responsible for the execution, surveillance and restructuring oversight of Wells Fargo’s structured finance transactions.

“Adding seasoned market professionals with deep residential experience has enabled us to quickly expand our RMBS platform,” said Caperton. “We are now able to offer a full suite of origination and distribution services to our clients.”

“Wells Fargo’s dominance in mortgage origination combined with strong investor demand for all types of residential product made this an obvious area to expand within Wells Fargo Securities,” added Mullins. “We are excited to have the in-house capabilities in place to offer these services to our mortgage company in addition to our external originating and investing clients.”

About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Commercial Banking has 95 offices in 41 states.

Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, member FINRA and SIPC, and Wells Fargo Bank, National Association.