Wells Fargo in Support of ASF Guidelines

Wells Fargo has issued a statement in support of American Securitization Forum guidelines for subprime mortgage loan modifications."We strongly believe that access to the global capital markets through securitization has increased access to credit and expanded homeownership across America," said Cara Heiden, division president, Wells Fargo Home Mortgage. Ms. Heiden said the ASF guidelines promote more flexible use of modifications in appropriate circumstances to address the difficulties presented by the current market environment. "We believe they will lead to reduced foreclosures, helping homeowners and communities, while continuing to balance the interests of all involved, including investors." She said Wells Fargo will continue to work with homeowners facing financial difficulties on a case-by-case basis to develop solutions that satisfy the needs of all participants in the mortgage lending process. This includes reviewing each contract and securing, where possible, any necessary approvals from investors that are legally required to modify a contract, and working within industry-acceptable accounting and tax requirements.