- Includes a goal of $10.5 billion in home mortgage purchase lending in Los Angeles and $1.3 billion in Atlanta over five years to homebuyers.
- $15 million in down payment assistance and homebuyer support programs in Los Angeles and $8 million in Atlanta in 2012 for sustainable home ownership initiatives.
- Workshops on Feb. 3-4 (Los Angeles) and Feb. 10-11 (Atlanta), featuring participation by NeighborWorks America, other non-profits.
- Builds on company's 'Home Preservation Workshops,' which will continue to be offered in 2012 to help homeowners seeking to avoid foreclosure.
Since January 2009, Wells Fargohas contributed to efforts to stabilize housing markets through the following initiatives:
- Helped more than 5 million homeowners with new low-rate loans, either to purchase a home or refinance their existing mortgage.
- Assisted 724,710 customers facing financial hardships through a trial or completed loan modification; 16% of which were under the federal government's Home Affordable Modification Program (HAMP).
- Provided $4.0 billion in principal forgiveness and an additional $0.7 billion that can be earned by borrowers through performance over the next three years.
- Participated in more than 600 home preservation workshops focused on working with customers face-to-face to sustain homeownership. Since September 2009, Wells Fargohas also hosted more than 50 of its own Home Preservation Workshops where 30,000 customers struggling with payments have attended.
- Last year, Wells Fargoprovided more than $213.5 million in funds to more than 19,000 non-profit organizations in the United States. This includes the Wells FargoHousing Foundation contributing $23.4 million to community revitalization efforts such as $5.53 million shared across 52 nonprofits through its Leading the Way Home® Program Priority Markets Initiative to help purchase and redevelop foreclosed and abandoned properties in neighborhoods hard-hit by the economy.
- Wells Fargoincreased its commitment to credit and housing counseling agencies by $5.4 million to a total of $12.4 million in 2011 - a 35 percent increase over the $9.2 million the previous year as an extra measure in an effort to sustain vital services provided by approved credit and housing counselors who work with customers with financial challenges that extend beyond their home payments.
- As of the third quarter in 2011, Wells Fargo's delinquency and foreclosure rates remain significantly below the industry average. Just 7.63 percent of the first mortgage and home equity loans Wells Fargoservices were past due or in foreclosure as of September 2011 compared to an industry average of 10.70 percent, according to Inside Mortgage Finance.
- Less than 2.0 percent of the loans secured by owner-occupied homes and serviced by Wells Fargoresulted in a foreclosure sale in the last 12 months.
The Neighborhood LIFTSMprogram is a collaboration between Wells FargoBank, N.A., Wells FargoFoundation, NeighborWorks America, an independent non-profit organization, and local non-profit organizations. The NeighborhoodLIFTSM program is designed to provide sustainable homeownership initiatives in cities deeply affected by the housing crisis.
Wells Fargo& Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargoprovides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and other distribution channels across North America and internationally. With more than 272,000 team members, Wells Fargoserves one in three households in America. Wells Fargo& Company was ranked No. 23 on Fortune's 2011 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
Jennifer Langan
213-253-3452
jennifer.l.langan@wellsfargo.com
Jay Lawrence
404-214-3805
jay.h.lawrence@wellsfargo.com
Chris Hammond
415-222-4106
chris.l.hammond@wellsfargo.com
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