wells fargo home mortgage government make compensation

Wells fargo home mortgageon -the 15th April,The U.S. government announced  first six mortgage companies list to join the housing rescue plan.The Government will provide these companies with a maximum of 9.9 billion U.S. dollars fonds.as compensation when they modify the terms of housing loans to reduce the monthly payment and avoid foreclosure 

These six mortgage companies list as following, JP Morgan Chase family of financial services companies, Wells Fargo Bank, General financial services company, Citigroup Mortgage Corporation, Saxon Mortgage Services Inc. and SPS.  JP Morgan Chase family of financial services companies will obtain 3.6 billion U.S. dollars, for a maximum of these six companies.

U.S. Housing and Urban Development Minister Shaun Donovan said in a media interview that these mortgage companies have accepted hundreds of thousands of copies of the amendments for the terms of mortgage and refinancing applications.

Last month,The U.S. government announced specific contents for rescuing housing plans,Under this plan,the government allow to reduce monthly payment and to refinance and other measures. which enable 4000000-5000000 homeowners in trouble to ease mortgages pressure.At the same time, The U.S. government also help about 3000000-4000000 homeowners who are in a serious mortgage breach and were about to lose their housing to keep their home by establishing 75 billion U.S. dollars stabilization fund.

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