DES MOINES, Iowa, June 21, 2010, Wells Fargo said today that since the beginning of 2009 through May 31, 2010 the company has done 498,860 active trial and completed modifications through the government’s Home Affordable Modification Program (HAMP).There were a total of 412,102 non-HAMP trial and permanent modifications and 86,758 HAMP active trial and permanent modifications, including 40,759 permanent modifications.
In the first quarter of 2010, about 92% of Wells Fargo’s borrowers were current on their mortgage payments, according to the May 21 edition of Inside Mortgage Finance, and the firm's default and foreclosure rates were about three quarters of that of the industry. Therefore, less than 2% of the mortgages secured by owner-occupied homes and serviced by Wells Fargo ended up in foreclosure in the last year.
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