Pimco Says Wells Fargo Not to Blame for Record Mortgage Share

Wells Fargo & Co., the largest U.S. home lender, has seen its market share surpassing records because of retreats by its rivals, not its own actions, according to Pacific Investment Management Co.’s Scott Simon.

“It’s not Wells Fargo’s fault they got so big,” Simon, the mortgage-debt head at Newport Beach, California-based Pimco, which runs the world’s largest bond fund, said today at a Mortgage Bankers Association conference in New York.