Wells Fargo & Co. on Wed said they finished 33,172 trial and final modifications under the Home Affordable Modification Program through the end of Aug. That represents a 64 % raise in the past 30 days. The Gov’t program is geared towards helping people who can no longer afford to make their mortgage payments. Wells Fargo modifies one in every six home loans in the US. They plan on modifying more with the act and have modified many loans themselves for a total of about 285,000 loan modifications. This news comes as a Fed survey showed that most people believe that the worst recession since the 1930’s has stopped getting worse.
It’s great to see Banks like Wells Fargo making an effort to help those in foreclosure and modify loans. Most experts aren’t predicting the job market and housing market to recover until mid 2010 despite signs of growth in the economy. Loan modifications are just one way in which banks and the government are trying to rescue the economy that seems to be paying off.
