Wells Fargo Doubles Face-to-Face Outreach to Customers Struggling with Home Payments; 36th Free Home Preservation Workshop in Chicago Aug. 17-18, 2011

12 more workshops scheduled in 2011 to help thousands of American families avert foreclosure

CHICAGO - August 8, 2011

Wells Fargo & Company (NYSE: WFC) announced today it is hosting its 36th free Home Preservation Workshop in Chicago on August 17 -18, 2011 for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity customers facing financial hardships.

The decision to return to Chicago – the site of one of the first workshops held in 2009 – was based on the continued challenges the Chicago market is facing with foreclosures and the number of Wells Fargo customers in the area.

“Because some people prefer to talk about their personal financial challenges face-to-face, in 2009 we started hosting workshops where customers can talk to us and non-profit credit counselors in a confidential setting,” said Mary Coffin, executive vice president of Wells Fargo Home Mortgage Servicing. “During the 35 workshops that we have hosted so far, we have spoken with 23,000 people – the majority of whom have experienced unemployment, under-employment, health issues, and other financial struggles that have prevented them from making their payments. We more than doubled the number of workshops compared to last year and still have 12 more workshops planned for this year alone.”

How to register for Wells Fargo’s Chicago Home Preservation Workshop
Wells Fargo has invited 13,000 customers to the two-day workshop in Chicago, scheduled for August 17-18, from 9 a.m. – 7 p.m. each day, at the United Center, Gate 6 located at 1901 West Madison Street in Chicago. Walk-ins are welcome, but registration is strongly recommended in order to guarantee the ability to meet with a representative. Sign up by Aug. 15 at www.wfhmevents.com/leadingthewayhome . For more information call 1-800-405-8067.

Between 100 and 200 Wells Fargo home retention team members – including bilingual specialists – are on hand at the workshops, to work one-on-one with customers. Where possible, borrowers receive a decision on a workout, loan modification, or other options, on site or shortly following the workshop. Options include Wells Fargo’s own loan modification program and the federal government’s Home Affordable Modification Program (HAMP).

“Wells Fargo wants our customers to succeed financially, and helping struggling homeowners stay in their homes is a top priority,” said Russ Cross, Wells Fargo’s regional servicing director with responsibility for the Chicago market. “This workshop will offer homeowners facing payment challenges the opportunity to explore options available for them.”

Upcoming 2011 Home Preservation Workshops
Following Chicago, Wells Fargo’s next 12 Home Preservation Workshops are scheduled in:
Boston, MA (Aug. 24) Orlando, FL (Sept. 22-23) Washington, DC (Oct. 20-21) Ft. Myers, FL (Nov. 16-17)
Atlanta, GA (Sept. 8-9) Philadelphia, PA (Oct. 5-6) Jacksonville, FL (Nov. 1-2) Ft. Lauderdale, FL (Dec. 7-8)
Nashville, TN (Sept. 15) Kansas City, MO (Oct. 11) San Antonio, TX (Nov. 9) Charlotte, NC (Dec. 15)

About Wells Fargo’s Home Loans

  • Wells Fargo originates one in every four home loans in the country, and services one of every six.
  • In the first quarter of 2011, about 93 percent of Wells Fargo’s mortgage customers remained current on their loan payments.
  • January 2009 through June 2011, the company had 696,805 active trial and completed modifications. Of those modifications, 85 percent were done through Wells Fargo’s own modification programs and 15 percent were through the federal government’s Home Affordable Modification Program (HAMP).
  • As of the first quarter in 2011, Wells Fargo’s delinquency and foreclosure rates declined for the fourth consecutive quarter and remain significantly below the industry average.
  • 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.
  • Just 7.22 percent of first mortgage and home equity loans Wells Fargo services were past due or in foreclosure in the first quarter of 2011 compared to an industry average of 10.27 percent, according to the May 27 issue of Inside Mortgage Finance, and Wells Fargo’s totals are down from a peak of 8.96 percent in the fourth quarter of 2009.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 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 approximately 275,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

Veronica Clemons
704-715-5145 (office)
704-288-8429 (mobile)

Chris Hammond 415-222-4106 (office)
415-310-9152 (mobile)