Wells Fargo Reports 696,805 Active Trial and Completed Modifications through June 2011

Wells Fargo & Co. WFC reported today that as of June 30, 2011, 696,085 active trial or completed mortgage modifications were in place, since 2009, on loans in its servicing portfolio. A total of 591,941, or 85 percent, of the loans were modified through the company's own programs, with the remaining 104,864 loans being modified through the federal government's Home Affordable Modification Program (HAMP). “Wells Fargo is committed to working with borrowers to help identify all available options that may help borrowers retain their home or avoid foreclosure,” said Michael DeVito, with Wells Fargo Home Mortgage Default Servicing. “To support that commitment, we are in the process of expanding the one-on-one customer contact model we initiated with loan modifications in June 2010 so that borrowers will move through all phases of loss mitigation with one dedicated home preservation specialist.”