Wells Fargo helps save Bush mortgage Problems

DES MOINES, Iowa – (BUSINESS WIRE) – Wells Fargo & Co. (NYSE: WFC-News) announced today that starting 20 December 2010 through 30 June 2013, distress Wachovia option-a-payment in California customers may be eligible to earn master forgiveness, by the time the mortgage payments. In addition, the company will contribute $ 33 million in situation to enlist help customer outreach, and to prevent or mitigate the impact of foreclosures on communities of California.

The program is the result of a trust agreement between Wells Fargo and California Attorney General Jerry Brown related to marketing and sourcing practices World savings bank (subsidiary of Golden West Financial) and Wachovia are used to pay the mortgage option prior to the merger, Wachovia to Wells Fargo at 31 December 2008. Is an extension of the ongoing efforts of Wells Fargo to help at-risk Wachovia select-a-payment customers with initial payment exemption, which began immediately after the merger.

These efforts have included amendments designed to make homeownership sustainable use combinations of reductions in interest rates, parliamentary extensions and main forgiveness. The company also has hosted three large-scale Home preservation Workshops in California in Los Angeles, Oakland and Ontario and opened 15 original preservation centers throughout the State to provide at-risk customers the opportunity to meet face-to-face with a specialized home maintenance.

"The majority of customers select-a-payment of Wachovia located in California," said Mike Heid, co-Chair of Wells Fargo Home dose. "We are pleased that we advocate's Office will assist with outreach, in order to continue working with as many customers as possible about their options available to prevent foreclosures."

From January 2009 through November 2010, the company has expanded significantly initial payment relief to more than 50,000 at-risk Wachovia select-a-payment customers in California. The modifications included a combination of interest-rate reductions, parliamentary extensions, forgiveness tax and insurance payments, and more than $ 2.9 billion in principal forgiveness. From 20 December 2010 at the latest by 30 June 2013 – the period of the safeguard agreement – the total amount of minimum comfort for customers could be 2.4 billion dollars depending on the economy and the individual borrower circumstances. This figure is consistent with previous expectations of the company to offset the loss in portfolio California select-a-payment, which was marked in the stock markets at the time of the merger between Wachovia.

California joins 9 other countries which have concluded such agreements with Wells Fargo: Arizona, Colorado, Kansas, Florida, Illinois, Nevada, New Jersey, Texas and Washington.

The company will communicate with customers may be eligible for the new program through letters, and will maintain an exclusive phone – including special Spanish-speaking – to help lenders. Tynisiwn received a modification will not be eligible for the new program. Wells Fargo customers who originally received outside pay option mortgages through Golden West or Wachovia who seek information about program modification loan can call 888-565-1422.

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