In an article titled, "Wells Fargo not modifying mortgages as required, lawsuit says" the LA Times says, "Legal filings last week claimed Wells Fargo failed to provide wide-ranging reductions of loan balances to delinquent borrowers as it had promised two years ago when it settled a combined national class-action suit."
The lawsuit alledges that WFB granted only 2.6% of the loan modification requests. Of the 66,000 requests for loan modifications made in the 18 months ending Sept. 30, Wells Fargo granted 1,746, or 2.6%, Berns alleged.
These were primarily from the Pick-a-Payment loans from World Savings and Wachovia Bank which were both acquired by Wells Fargo bank.
Read full article here: http://www.latimes.com/business/money/la-fi-mo-wells-suit-20121210,0,4840554.story