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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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Wells Fargo Reports Record Breaking Year


Wells Fargo reported a $15.9 billion dollar profit for the 2011 fiscal year. This is a 28% increase from last year's profit.  The fourth quarter hit a record number $4.1 billion, up from $3.4 billion in the third quarter.  Wells Fargo was very impressed with their fourth quarter earnings.
   
Wells Fargo is responsible for $1.9 billion dollars in mortgages that are at least 3 months late. Since 2009 there have been 724,710 loan modifications, and trail modifications that have been completed.  There was a significant increase in "originations from $89 billion in the third quarter to $120 billion in the fourth quarter".