Wells Fargo & Co. (NYSE: WFC) will no longer be granting more than one extension for homeowners that are trying to complete a short sale, HousingWire reports.
The San Francisco-based bank said that it has been working through a number of concerns from investors related to the time that it takes to complete a short-sale. The bank recently decided to implement a new policy of no longer granting more than one extension to stay consistent between its short sale transactions.
Spokesman Jason Menke said that certain mortgages which are owned by Wells Fargo will still be allowed one foreclosure postponement given that there’s an indication that the short sale is guaranteed to be approved
Wells Fargo & Company is a diversified financial services company. The Company provides retail, commercial and corporate banking services through banking stores located in 39 states and the District of Columbia. It provides other financial services, through subsidiaries engaged in various businesses, principally wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing and venture capital investment. The Company operates in three segments: Community Banking, Wholesale Banking, and Wealth, Brokerage and Retirement. As of December 31, 2009, the Company provided banking, insurance, investments, mortgage and consumer finance from more than 10,000 stores under various types of ownership and leasehold agreements.
Shares of Wells Fargo & Co. (NYSE: WFC) traded up 1.77% during mid-day trading on Monday.
