Wells Fargo on Wednesday promised that it would begin modifying second mortgages under a new wrinkle in the government's Home Affordable Modification Program.
Wells said it would modify second liens when the corresponding first mortgage also is modified. During a conference call about the banking company's earnings, Chief Financial Officer Howard Atkins said, "We expect to begin offering the second-lien program to customers who have both a Wells Fargo first and second lien in the next couple of weeks."
Wells will offer the program to "other customers later in the second quarter," he said. The CFO told analysts and investors that the bank's $125 billion home equity loan portfolio "demonstrated some positive credit trends in the first quarter."