A California Federal Savings & Loan affiliate...

A California Federal Savings & Loan affiliate intends to acquire most of the real estate equity investments of Wells Fargo Mortgage and Equity Trust in a $175-million transaction that would liquidate the trust. Los Angeles-based Cal Fed Income Partners, a master limited partnership, would take over most of the investments in a transaction subject to approval by the boards of both companies. Cal Fed, the nation’s fourth-largest S&L;, would absorb $48 million in loans from the trust. Wells Fargo & Co., the banking company and parent of the trust’s adviser, would buy the trust’s remaining loans, which would total about $300 million.