Wells Fargo April mortgage modifications decline

28 mins ago

As if April 30, the bank had 505,059 active trial and completed modifications in place, down from 523,336 at the end of March.

The April figure includes 36,094 permanent modifications, up from 30,014 in March.

Of those, about 60 percent are expected to find another modification program. About 30 percent are expected to be foreclosed, and about 10 percent will pay off their mortgages through other means, including short sales, Goyda said.

The Treasury Department said Monday more than 299,000 homeowners had received permanent loan modifications as of last month, about 25 percent of the 1.2 million who started the program since its March 2009 launch.

Wells Fargo said about 390,000 trial and completed modifications were under its own programs.

Wells Fargo shares lost 7 cents to $31.97.

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