Wells Fargo offers swap for holders of option-ARMs
Wells Fargo is offering a loan exchange to borrowers who have option adjustable-rate mortgages -- mortgages that permitted holders to pay what they pleased for a certain period, but whose payments now have gone much higher. Distressed borrowers with these mortgages are being offered a chance to take a new interest-only loan that will delay the need to pay on the balance for six to 10 years. Wells Fargo holds $107 billion in debt tied to option adjustable-rate mortgages. "We're banking on the fact the economy will improve and recover over time," said Michael Heid, co-president of Wells Fargo Home Mortgage.
Wall Street Journal, The | 11/04
This story published in SIFMA SmartBrief on 11/04/2009
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