Roughly one-quarter of homeowners have no savings to cover their living expenses should they lose their jobs, according to new survey results released by Wells Fargo & Co., the nation's second largest residential servicer. The bank and mortgage lender also found that anxiety over possible job losses increased significantly in the first quarter compared to the previous one. Job losses lead to higher residential loan delinquencies which currently are at levels not seen since the Great Depression. Wells says consumers are taking "drastic actions" to reduce debt and increase their savings. When the bank asked consumers what would boost their confidence in the economy, one-fourth said "an improvement in their personal situation."
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