Magazine article Mortgage Banking

Wells Fargo Reaches 90 Percent of $4.3 Billion in Promised Relief under Settlement

Magazine article Mortgage Banking

Wells Fargo Reaches 90 Percent of $4.3 Billion in Promised Relief under Settlement

Article excerpt

* On May 21, Wells Fargo & Co. reported that as of March 31 it had fulfilled an estimated 90 percent of the $4.3 billion in consumer relief it had pledged to provide under the National Mortgage Settlement with the nation's attorneys general (AGs).

Wells noted in its May 21 release that "when currently pending activity is completed, it is expected that Wells Fargo will have exceeded its commitment" for providing consumer relief under the settlement.

In its first-quarter report to the Office of Mortgage Settlement Oversight, Wells Fargo noted that nearly 93,000 Wells Fargo borrowers had received either a mortgage modification, other consumer-relief option or a refinance under the settlement.

Michael DeVito, executive vice president for default mortgage servicing at Wells Fargo Home Mortgage, noted that the roughly 13,000 completed mortgage modifications and 26,000 refinanced mortgages included in the latest report for the period covering March 2012 through March 2013 represent only a small portion of the total foreclosure-prevention actions and refinance activity done in that period. …

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