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Here's a link to WF data:
Wells Fargo has written $2 billion off Pick-A-Pay balances for borrowers, or nearly $46,000 per modified loan. The bank has modified 43,500 Pick-A-Pays so far this year through September, and said the program is effective at keeping borrowers in their homes. The program eliminates the nearer-term risk for borrowers of sharply ballooning payments, according to the company.
To reiterate what someone else said, this is business for WF -- not some gov't program (not the say the gov't wasn't involved in declaring Wachovia troubled and parading them through the streets to look for a buyer). Wells was a fairly conservative lender during the boom years and are being rewarded for it. They do have, though, a large portfolio of seconds, so the jury is still out...
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http://money.cnn.com/2009/12/16/real_estate/great_mortgage_modifications/index.htm
Some people are getting mortgages for as low as 2% fixed rate interest for the life of the loan. So the lesson here is, spend more than you can afford for a mortgage and get a special discount mortgage rate. A 2% interest rate on my mortgage would save me $575 a month, where's my modification?
#housing