The report released by the monitor can be viewed here. National consumer relief and refinance program totals appear in the table below:
|Program||Customers Helped||Consumer Benefit 1|
1 st and 2 nd lien trial and completed
|12,430 2||$1.1 billion in principal forgiveness 2|
Short sales and deeds-in-lieu of
|12,872||$1.3 billion in write offs of indebtedness|
|Other consumer relief activity||4,300||$33 million in write offs of indebtedness|
|1 st lien refinances||15,453||
$588 million in total interest savings
($4,848 in average annual interest
savings for each customer
1 Dollar amounts include a portion of the gross consumer benefit provided and do not reflect the amount of credit toward Wells Fargo’s financial commitment. The credit applied to the commitment will be determined by a formula that takes into account the amounts here as well as other factors.
2 Includes completed 1 st lien modifications and completed 2 nd lien modifications from interim report to the OMSO, plus active trial modifications in place as of Sept. 30, 2012. Active trial modifications included are not directly comparable to trial modifications listed in the report to the OMSO.
3 Reflects $2.9 billion in UPB refinanced with an average note rate reduction of 2.63% resulting in total annual interest savings to customers of $75 million and $588 million in total interest savings to customers over the 7.85-year anticipated average life of the refinanced loans.
“The expanded modification and refinance programs clearly are providing meaningful relief and payment reductions to borrowers,” added DeVito. “The first-lien modifications started and completed to date have reduced monthly payments, on average, by more than 43 percent and the refinances completed have resulted in average principal and interest payment reductions of more than $400 per month.”