Wells Fargo to Implement President Obama’s Homeowner Affordability and Stability Plan
Refinances and National Modification Program Expected to Lower Mortgage Payments for More Borrowers
Des Moines, IA — Wells Fargo Home Mortgage – the nation’s largest home mortgage originator, second largest mortgage servicer and part of Wells Fargo & Company (NYSE: WFC) – said it fully supports and will implement the administration’s plan to prevent foreclosures and help more Americans lower their mortgage payments. The company will offer the Home Affordable Modification Program for its own loans and loans it services for Fannie Mae and Freddie Mac, as well as for all other investors unless their servicing contracts prohibit it. The company also will offer the administration plan’s refinancing options available to customers with Fannie Mae and Freddie Mac loans.
“We believe the administration’s plan is thoughtful and comprehensive, and it addresses the current challenges our nation faces,” said Mike Heid, co-president of Wells Fargo Home Mortgage. “Importantly, it helps customers facing true financial hardships while guarding against moral hazard.
“Wells Fargo has long advocated a standardized mortgage modification process, and we hope all investors will align with the plan so that more families can reach affordable mortgage payments. That, in and of itself, will go a long way toward stabilizing our economy for the benefit of all Americans. We also support the legislative changes required to extend this program to FHA and VA loans.”
Customers calling Wells Fargo about the administration’s plan are encouraged to gather the documents they need to qualify for refinances or loan modifications as specified at www.wellsfargo.com/homeassist or www.wachovia.com. As the details of the modification and refinance plans become available, Wells Fargo plans to quickly put the systems in place to support these programs.
Wells Fargo Home Mortgage is one of the nation’s leading retail mortgage lenders and services one of every seven 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 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody’s Investors Service, “Aa1,” and Standard & Poor’s Ratings Services, “AA+.”
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