Wells Fargo Well Positioned in Current Mortgage Market

Wells Fargo Well Positioned in Current Mortgage Market

Financial Strength, Prudent Lending Practices Cited

Greenville, NC - September 10^th, 2007 - With the housing and real-estate lending industries in the news frequently, many REALTORS® and their clients may find themselves with questions and concerns about the availability of mortgage financing. Larry Skarsten, Sales Manager for Wells Fargo Home Mortgage, assures real estate professionals and prospective homebuyers that Wells Fargo remains committed to serving homebuyers and homeowners.

"It's important that REALTORS and their clients know that Wells Fargo continues to be in the business of making new residential mortgages and home equity loans through both our broker and correspondent channels and our retail locations," said Skarsten "We continue to welcome a growing number of customers who seek a sound, responsible mortgage and home equity lender and servicer, and we continue to be one of the industry leaders in providing high-quality products and services."

According to Skarsten, a number of factors position Wells Fargo to succeed in the current environment:
The Strength of Wells Fargo
"Wells Fargo is a well-capitalized, diversified financial services company with 84 businesses," said Skarsten, "Our capital and diversity of businesses give us the flexibility and stability many lenders don't have."

Approach to Credit risk
Wells Fargo prudently manages credit risk on home mortgages and home equity loans with solid underwriting and sound business practices. The company does not make, purchase or service negative amortizing mortgages, including option adjustable-rate mortgages, some of the types of loans that are currently the subject of much scrutiny.

A Commitment to Responsible Lending
"As a result of our prudent risk management and responsible lending and servicing practices, and our diversity of businesses across virtually all financial services, we are not facing many of the issues others are in the mortgage industry," he said. "Our real estate lending businesses made tough decisions years ago to forego some market share and live by our fair and responsible lending and servicing principles. That choice has proven to be the right thing to do."

A Commitment to Keeping Customers in Their Homes
Historically, Wells Fargo's foreclosure rates have been below the industry average.
"While some of that can be attributed to prudent underwriting standards at loan origination, our mortgage servicing team works hard to keep customers in their homes when they experience financial difficulties," said Skarsten "We proactively contact customers in default and work with them case-by-case on potential solutions based on their personal financial circumstances. At a time when adjustable-rate mortgages are resetting at a higher rate, we have expanded our efforts to assist customers."

Wells Fargo's approach to real-estate lending provides significant benefits to real estate professionals who are trying to help their clients navigate the current market.  "We're committed to serving the needs of REALTORS and builders with numerous programs, including closing guarantees," said Skarsten "We continue to be a reliable lender that offers competitive pricing for consumers."

Wells Fargo Home Mortgage is the nation's No. 1 retail mortgage lender* and servicer** of home mortgages and is located at 1350 E. Arlington Blvd., Greenville. As a division of Wells Fargo Bank, N.A., it has a local presence in more than 2,400 mortgage stores and bank branches, plus the capabilities to serve the home financing needs of customers nationwide through its call centers, Internet presence and wholesale lending operations.  Wells Fargo Home Mortgage services loans for more than 7.8 million servicing customers.

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*Based on year-end 2006 statistics compiled by Inside Mortgage Finance - Feb. 23, 2007 
** Based on year-end 2006 statistics compiled by Inside Mortgage Finance - Feb. 9, 2007

Larry G. Skarsten, II  
Sales Manager
Wells Fargo Home Mortgage
M5587-011
1350 E. Arlington Blvd.
Suite B
Greenville, NC 27858
Direct: (252) 864-8411
Fax: (866) 860-2896
Email: Larry.G.Skarsten@wellsfargo.com
To apply online: www.WellsFargo-Greenville.com