This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

More Than 70,000 Wells Fargo Customers Helped Through National Mortgage Settlement Programs

Wells Fargo & Co. (NYSE:WFC) reported today that between March 1, 2012 and Dec. 31, 2012 the company assisted more than 70,000 homeowners through expanded modifications, other customer relief options, and refinances under the National Mortgage Settlement. As a result, Wells Fargo has fulfilled an estimated 73.5 percent of its $4.3 billion national consumer relief and refinance commitment and remains on track to complete its entire commitment in the required time frames.

“Wells Fargo has continued to make steady progress toward the prompt completion of the commitments we made as part of the National Mortgage Settlement and to continue to address the needs of all of our customers who are facing financial challenges and those who are seeking to refinance,” said Michael DeVito, executive vice president for Default Mortgage Servicing at Wells Fargo Home Mortgage. “In total, as of the end of 2012 there were nearly 842,000 Wells Fargo customers in modifications started since January 2009 and during that time we assisted customers with more than 4.7 million refinances allowing them to take advantage of lower interest rates.”

“It’s clear that the expanded modification and refinance programs are providing meaningful relief and payment reductions for our customers,” added DeVito. “Those who have obtained a modification on their first-lien mortgage loan have reduced their monthly payments by an average of nearly 44 percent and, on average, borrowers who have refinanced have seen principal and interest payment lowered by approximately $420 per month.”

Details on the expanded modifications, other consumer relief options and refinances under the settlement were included in the latest scheduled report to the Office of Mortgage Settlement Oversight. The report to the monitor included national data, as well as a state-by-state breakdown of consumer relief and refinance activities.

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 modifications 22,926 2 $1.7 billion in principal forgiveness 2
Short sales and deeds-in-lieu of foreclosure 19,238 $1.8 billion in write offs of indebtedness
Other consumer relief activity 5,918 $39 million in write offs of indebtedness
1 st lien refinances 22,143

$891 million in total interest savings ($5,128 in average annualinterest savings for each customer refinanced) 3
TOTAL 70,225  

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 Dec. 31, 2012. Active trial modifications included are not directly comparable to trial modifications listed in the report to the OMSO.


3 Reflects $3.998 billion in UPB refinanced with an average note rate reduction of 2.84% resulting in total annual interest savings to customers of $114 million and $891 million in total interest savings to customers over the 7.85-year anticipated average life of the refinanced loans.

The geographic distribution of Wells Fargo’s consumer relief and refinance activities remains consistent with the distribution of its portfolio and also reflects the fact that the financial commitments under the settlement are focused on borrowers who are in a negative equity position.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 0.00%
FB $117.81 0.00%
GOOG $701.43 0.00%
TSLA $211.53 0.00%
YHOO $36.94 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs