* In Las Vegas they also met with David Wells, who ran subprime lending for a company called Fremont Investment & Loan. Wells also said he expected losses to run 5 percent. In September, nine months later, Fremont would announce that 30 percent of its subprime loans were in default. Its pools of loans would register losses higher than 40 percent--which is to say that, even after it sold the houses it foreclosed upon, it was out nearly half the money it loaned.