Wells Fargo is already contacting borrowers who might be eligible for a principal reduction as required under the $25 billion robo-signing settlement with state and federal law enforcement agencies.

"Starting on March 1, despite the fact that the settlement is still pending, we began communicating with borrowers who might qualify for consumer relief under the terms of the settlement," according to Wells Fargo Home Mortgage Servicing community relations manager Joe Ohayon.

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