Bwahaha ! Sold to you !
They are exposed on the west coast and a bit in FL.
Their loan portfolio is frighteningly loaded with seconds and Option ARMS on RE in very distressed areas.
Yes, I’m not sure how Wells Fargo has managed to convince everybody that they are so well-managed that they have no exposure - better spin control that the other banks, I guess. Or perhaps because the phrase “Option ARMS” hasn’t entered the national lexicon yet, everyone is still stuck on “subprime”.