Banks are lending cautiously and not offering subprime loans as before the housing market crash, according to Wells Fargo Chief Financial Officer Tim Sloan. As a result, he is not worried that a new housing bubble is forming, even as home prices are rising more than 10% annually. "Overall, when you look at home prices relative to where they peaked in 2006 or 2007, we have a fair ways to go," he said.

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