Wells Fargo to the Foreclosure Rescue
SUSIE GHARIB: while today’s beige book showed better home sales, many Americans are at risk of losing their homes. The Mortgage Bankers Association says roughly one in 10 mortgages is at least one payment past due. In Chicago, homeowners are getting a chance to modify their loans with Wells Fargo home mortgage. Wells Fargo is one of the banks being pressured by the Obama administration to help homeowners. But as Diane Eastabrook reports, so far there have been few takers at the bank’s workshops.
DIANE EASTABROOK, NIGHTLY BUSINESS REPORT CORRESPONDENT: Wells Fargo home mortgage set up shop today at a Chicago convention center and is helping customers like Anitra Rhea modify home loans. Until today, Rhea had been unsuccessful switching from an adjustable rate mortgage to a fixed rate one.
Full story is available on Nightly Buasiness Report
