Wells Fargo Reports Loan Modification and Refinance Data

Wells Fargo announced today that in the first half of 2009, through lower rates, refinances and modifications, it alone has helped nearly one million American homeowners lower their mortgage payments or restructure their mortgage. Specifically, Wells Fargo:

• Refinanced approximately 750,000 customers’ mortgages using the Home Affordable Refinance Program (HARP) and other standard refinance programs, and;
• Provided more than 200,000 trial and completed modifications through the Home Affordable Modification Program (HAMP) and its own proprietary programs.

Earlier this year, the Administration announced the Homeowner Affordability and Stability Plan with the potential to help between seven and nine million families restructure or refinance their mortgages over a period of years so they can avoid foreclosure.

"Toward that end, we’re pleased by the number of customers Wells Fargo helped in the first six months of this year,” said Mike Heid, co-president, Wells Fargo Home Mortgage. "We continue to strongly support the Administration’s efforts, adding HAMP and HARP to the existing programs Wells Fargo already had in place. Our entire team worked very hard to get the programs up and running to assist homeowners across the country. We are committed to continuing to work with the federal government, consumer counselors, non-profit agencies and others to keep Americans in their homes, whenever possible.”

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.