From the Wells Fargo conference call (ht Brian):
Let me shift to give you an overview of the foreclosure and mortgage securitization issues. These are issues obviously that are very important to consumers, mortgage investors, and shareholders. But we believe that these issues have been somewhat overstated and, to a certain extent, misrepresented in the marketplace.
I would like to be clear here on how they impact Wells Fargo specifically. So starting on slide 26 first [previous post], as John already mentioned , foreclosure at Wells Fargo is a last resort , not a first resort . We work very early with customers who are beginning to experience problems paying their mortgages and continue to do so for the length of time that the problems are being experienced.
80% of customers who are 60 days or more delinquent work with us, and when they do we are successful in helping seven out of every 10 avoid foreclosure. We attempt to contact customers on average over 75 times by phone and nearly 50 times by letter during the roughly 16 months that it takes for foreclosures to be completed once a borrower becomes (technical difficulty ).
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