Wells Fargo continues accelerated use of Obama's Home Affordable Modification program

Wells Fargo continues accelerated use of Obama's Home Affordable Modification program

November 10, 2009

Wells Fargo & Company said that it has done 93,533 trial and completed Home Affordable Modifications through Oct. 31, continuing the strong pace of activity reflected in what the U.S. Treasury reported last month. Also, using its own programs, Wells Fargo has done an additional 309,511 trial and completed home loan modifications this year. This brings the total number of modifications Wells Fargo has done this year to 403,044, a 14 percent increase over the total number of modifications reported through last month. The company did approximately the same number of Home Affordable Modifications in October as it did in September.
In addition, Wells Fargo has refinanced nearly 1.1 million mortgage loans, thereby assisting a total of approximately 1.5 million households this year with mortgage payment relief.
“We have kept up the pace of our efforts to assist American homeowners who are struggling to make their mortgage payments stay in their homes through the Home Affordable Modification Program and other options,” said Mike Heid, co-president of Wells Fargo Home Mortgage. “We are proud to have contributed our share of the total modifications that exceeded the government’s goal of 500,000 Home Affordable Modifications by Nov. 1. Through a continued focus on HAMP and our existing programs, as well as working to develop new options to help people stay in their homes, we are dedicated to helping see our nation through the current housing crisis.”
As reported in August, Wells Fargo’s total delinquency rate, including foreclosures, continued to be significantly below the industry average and the lowest of the nation’s largest mortgage servicers. In the second quarter of 2009, about 92 percent of the company’s mortgage customers remained current on their home payments.
For more information, visit www.wellsfargo.com.

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