Wells Fargo is collapsing because of its HUGE exposure to oil & gas companies

http://www.marketwatch.com/story/wells-fargo-to-pay-12-billion-for-bad-mortgages-2016-02-03?link=MW_home_latest_news

The government sued Wells Fargo in 2012, accusing the U.S. mortgage lender of engaging in "regular practice of reckless origination and underwriting" of government-backed loans. The action was one of several brought under the Federal False Claims Act against a lender accused of bilking the Federal Housing Administration, which has historically backed loans to first-time buyers and those with low incomes.

The government said the mortgages were made under the Federal Housing Administration lending program from 2001 to 2010.
As a result of the settlement, Wells Fargo said it has added to its legal accrual for 2015, which it reported results for on Jan. 15. That has reduced its profit for last year by $134 million, or 3 cents a share.