DES MOINES, Iowa - December 22, 2010
Wells Fargo & Co. (NYSE:WFC) announced today that 600,629 active trial and completed modifications that the company has started since the beginning of 2009 were in place as of Nov. 30, 2010. That total includes 515,568 modifications done through Wells Fargo’s own programs, with the remaining 85,061 done under the federal government’s Home Affordable Modification Program (HAMP).
Less 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. In addition, approximately 92 percent of Wells Fargo’s mortgage customers remained current on their loan payments in the third quarter of 2010 and the company’s delinquency and foreclosure rates were less than three-fourths that of the industry, according to data published by Inside Mortgage Finance in its Nov. 26 edition.
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 (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.