Wells Fargo & Co. has identified more than 200 troubled housing markets nationwide and has tightened lending standards in those areas, Reuters reported.

In a Feb. 25 document it sent to mortgage brokers, the second-largest U.S. mortgage lender said it had identified “soft,” “distressed” or “severely distressed” housing markets in 24 states and Washington, D.C. California and Florida each have at least 33 of those markets, followed by Michigan and Virginia with 15. Iowa was not on the list. Most of the areas are counties, but a few are cities.

Wells Fargo will limit the size of the loans it makes in those areas to a percentage of home value, regardless of the borrower’s ability to pay. In some cases, it won’t allow clients to borrow more than 75 percent of the value of their homes.

Wells Fargo has been more conservative in its lending than its rivals, but still took a $1.4 billion fourth-quarter charge to add reserves primarily to cover defaults in home equity loans. The company’s fourth-quarter profits fell 38 percent.