Wells Fargo recently announced that,in the first half of 2009,through lower rates,refinances and modifications,it alone has helped nearly one million American homeowners lower their mortgage payments or restructure their mortgages.
Included in the loan modifications were:
- Approximately 750,000 loans refinanced using the Home Affordable Refinance Program (HARP)
- More than 200,000 modifications through the Home Affordable Modification Program (HAMP)
Earlier this year,the Obama Administration announced the Homeowner Affordability and Stability Plan with the potential to help between seven and nine million families restructure or refinance their mortgages over a period of years so that can avoid foreclosure.
“Toward that end,we’re pleased by the number of customers Wells Fargo helped in the first six months of this year,”said Mike Heid,co-president,Wells Fargo Home Mortgage. “We continue to strongly support the Administration’s efforts,adding HAMP and HARP to the existing programs Wells Fargo already had in place.
Related posts:
- Borrowers receiving permanent Loan Modifications under HAMP triples in December
- Mortgage delinquencies increase again but loan modifications appear to be working
- Home Affordable Refinance Program (HARP) Extended One Year
- Mortgage Programs Fall Short in Keeping Homeowners out of Foreclosure
- Fed’s plan to modify loans to prevent foreclosure shows progress;but only for 12 percent of those eligible
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