Wells Fargo Net Soars, but Mortgage Ills Spook Investors

Wells, which has a No. 1 market share in new-home mortgages and enjoyed the refinancing boom of the past few years, had both businesses take a turn for the worse. Details about the costs of the regulatory overhaul on the mortgage business and the screeching halt in refinancing late last year also spooked investors.

Wells was down $1.24, or 4.1%, to $28.83 at 4 p.m. in New York Stock Exchange trading.