DES MOINES, Iowa - June 21, 2010
June 21, 2010 — Wells Fargo & Co. (NYSE:WFC) said today that since the beginning of 2009 through May 31, 2010 with its modification programs and the federal government’s Home Affordable Modification Program (HAMP), the company has done 498,860 active trial and completed modifications. Included in that total were 412,102 non-HAMP trial and completed modifications and 86,758 HAMP active trial and completed modifications, including 40,759 permanent Home Affordable Modifications.
In the first quarter of 2010, about 92 percent of Wells Fargo’s mortgage customers remained current on their loan payments, according to the May 21 edition of Inside Mortgage Finance, and the company’s delinquency and foreclosure rates were three-fourths that of the industry. As a result, fewer than 2 percent of the loans secured by owner-occupied homes and serviced by Wells Fargo proceeded to a foreclosure sale in the last 12 months.
About Wells Fargo
Wells Fargo Home Mortgage is the nation’s leading mortgage lender and services one of every six mortgage loans in the nation. A division of Wells Fargo Bank, N.A., it has a national presence in mortgage stores and banking stores, and also serves the home financing needs of customers nationwide through its call centers, Internet presence and third-party production channels.
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the Internet (wellsfargo.com and wachovia.com) across North America and internationally.