33,172 Home Affordable Modifications starts and 251,244 Wells Fargo trial and completed modifications in first eight months of 2009
“We are well on our way to exceeding our share of the government’s 500,000 Home Affordable Modifications Nov. 1 goal,” said Mike Heid, co-president of Wells Fargo Home Mortgage. “At the same time we expect to exceed our HAMP goal – which calculates to be about 60,000 Home Affordable Modifications for Wells Fargo – we will continue to use our own modification programs for customers who are either not eligible for HAMP or who would benefit more from a customized program.”
Heid said Wells Fargo takes very seriously its responsibility to help stabilize the housing market for American taxpayers by ensuring the company modifies loans for only those customers truly facing financial hardships who can sustain homeownership with a reduced payment.
As reported by Inside Mortgage Finance on Aug. 21, 2009, in the second quarter 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. More than 92 percent of the company’s mortgage customers remain current on their home payments.
“We do modifications because they are in the best interest of our country, our customers, our investors, and our company,” said Heid. “There is a common misperception that we make money off of foreclosures, and there is nothing further from the truth. No one benefits from foreclosures.”
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 $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North American and internationally.