DES MOINES, Iowa - July 20, 2010
Wells Fargo & Co. (NYSE:WFC) said today that as of June 30, 2010, the company had 505,043 active trial and completed modifications started since the beginning of 2009. Of that total, 429,466 were trial and completed modifications through its own modification programs and 75,577 were through the federal government’s Home Affordable Modification Program (HAMP), including 44,628 permanent Home Affordable Modifications.
Over the past 12 months, fewer than 2 percent of the loans secured by owner-occupied homes and serviced by Wells Fargo proceeded to a foreclosure sale. The company’s delinquency and foreclosure rates were three-fourths that of the industry in the first quarter of 2010 and 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.
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.