Wells Fargo Reports 716,945 Active Trial And Completed Modifications Through August 2011
<p><location value="LU/us.ia.desmns" idsrc="xmltag.org">DES MOINES, Iowa</location>--(BUSINESS WIRE)-- <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Co.</org> (NYSE:WFC) reported today that as of <chron>Aug. 31, 2011</chron>, the company had conducted 716,945 active trial or completed mortgage modifications in its servicing portfolio since <chron>January 2009</chron>. About 85 percent, or 608,325, of those modifications were done through the company’s own programs, while the remaining 108,620 modifications were through the federal government’s <i>Home Affordable Modification Program</i> (HAMP). </p><p> “When customers 60 days past due on their loans engage with us, we help 7 of every 10 to avoid foreclosure,” said <person>Michael DeVito</person>, executive vice president, Wells Fargo Home Mortgage Default Servicing. “As a result, we do more than 2 modifications for every 1 foreclosure sale. This is largely due to the significant number of attempts we make to offer assistance through telephone calls, written correspondence and other outreach strategies.” </p><p> According to DeVito, of those customers who received a modification, 72 percent got them before being referred to the foreclosure process. “We are committed to making foreclosure a last resort. The fact that we provide assistance to the majority of our at-risk customers before they enter the foreclosure process reflects that commitment,” he added. </p><p> Recognizing the challenges many Americans currently face with unemployment and under-employment, <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> has consistently worked to assist these borrowers through modifications and other available options. From <chron>January 2009</chron> through <chron>August 2011</chron>, the company had helped 196,000 unemployed customers<b></b>with home retention, including 2,900 plans through the federal government’s <i>Home Affordable Unemployment Program</i>. </p><p><b>About <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org></b></p><p><org value="ACORN:696415381" idsrc="xmltag.org">Wells Fargo Home Mortgage</org> is the nation’s leading mortgage lender and services one of every six mortgage loans in the nation. A division of <org>Wells Fargo Bank, N.A.</org>, 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. </p><p><org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Company</org> (NYSE: WFC) is a nationwide, diversified, community-based financial services company with <money>$1.3 trillion</money> in assets. Founded in 1852 and headquartered in <location value="LU/us.ca.sanfrn" idsrc="xmltag.org">San Francisco</location>, <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (<a href="http://wellsfargo.com">wellsfargo.com</a> and <a href="http://wachovia.com">wachovia.com</a>), and other distribution channels across <location value="LB/nam" idsrc="xmltag.org">North America</location> and internationally. With approximately 275,000 team members, <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> serves one in three households in America. <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Company</org> was ranked No. 23 on<i> Fortune’s</i> 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. </p><p class="bwalignc"></p><p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&sty=20111005006650r1&sid=acqr4&distro=nx" /><span class="bwct31415" /></p><p><b><org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Company</org></b><br /><b>Media</b><br /><person>Tom Goyda</person>, 636-594-2259<br />or<br /><b>Investors</b><br /><person>Jim Rowe</person>, 415-396-8216 </p><p></p><p>Source: <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Company</org></p>
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