"Wells Fargo & Co, the second-largest U.S. provider of home loans, has identified more than 200 troubled housing markets nationwide, showing how the mortgage crisis has spread beyond a few select U.S. regions.Update: Here's the link to the entire PDF of the Wells Fargo product changes provided at BlownMortgage.com.
In a February 25 document sent to mortgage brokers, San Francisco-based Wells Fargo said it had identified "soft," "distressed" or "severely distressed" housing markets in 24 states and Washington, D.C. Most of the markets are counties, while a handful are cities.
Wells Fargo is tightening its lending standards in the affected markets on February 29, often by limiting the size of loans as a percentage of home values, regardless of borrowers' ability to pay. In some markets, it will not allow purchasers to borrow more than 75 percent of the value of their homes".