Wells nearly doubles loan modifications under federal program – Sacramento Business Journal:
Wells Fargo said Thursday that it nearly doubled the number of mortgage modifications made under a federal program to help troubled borrowers stay in their homes.
The San Francisco bank said it modified almost 63,000 loans as of Sept. 30, which is almost double what the U.S. Treasury reported last month.
Wells, (NYSE: WFC) using the federal plan and some of its own programs, said it has done 292,000 trial and completed loan modifications.
This brings the total number of modifications Wells Fargo has done this year to 355,000.
The bank has refinanced about 987,000 mortgages, assisting more than 1.3 million households this year with mortgage payment relief.
“To help Americans coping with this tough economy, we continue to work hard at keeping people in their homes,” said Mike Heid, co-president of Wells Fargo Home Mortgage. “We have remained focused on exceeding our share of the government’s goal to reach 500,000 Home Affordable Modifications by Nov. 1.”
There is a big push to get loan modifications completed by November 1.