June 4, 2012

The U.S. Conference of Mayors and Wells Fargo convened in Denver last month as part of a national alliance focused on foreclosure prevention, property disposition, homeownership and community development.

Unlike cities in other parts of the country, many Colorado municipalities nestled near the Rocky Mountains have weathered the housing crisis, but mayors in the state say they continue to have concern for constituents that have felt the effects of the economy.

"In Littleton (CO), we’re not seeing as big of a problem, but the effect of the housing crisis is of regional significance when you see what’s happening in your neighboring communities," said Littleton Mayor Debbie Brinkman. "It’s also very important for financial institutions to reach out and help people stay in their homes. From being at the forum, it shows how much Wells Fargo is trying to keep people in their homes."

Six mayors representing cities in Colorado and Conference of Mayors staff joined Wells Fargo industry experts to discuss efforts and strategies to address housing challenges in local municipalities. Wells Fargo executives reviewed property preservation, real estate owned, community development, and retail practices with the Conference of Mayors officials and toured the Wells Fargo Home Preservation Workshop in Denver.

Erie (CO) Mayor Joseph Wilson said, "I was surprised by so many things today. Healthy property values make for healthy city operations and communities. Everyone’s best interest is to keep people in their homes. Being at the forum reiterated what I would call a Herculean effort from Wells Fargo to get their arms around the foreclosure issue and they are already doing so much to help people."

At a home preservation workshop that was held at the same time as the Denver forum with the Conference of Mayors, Wells Fargo met with more than 175 homeowners struggling with mortgage payments, among the 35,000 customers Wells Fargo has met with at 64 such workshops from 2009 through May 2012 in cities deeply affected by the housing crisis.

"Wells Fargo’s approach is impressive," added Nederland (CO) Mayor Joe Gierlach. "They are trying to do what’s right."

Overall, Wells Fargo has participated in nearly 800 home preservation events since 2009 throughout the country, and assisted more than 750,000 customers facing financial hardships through a trial or completed loan modification; 16 percent of which were under the federal government’s Home Affordable Modification Program (HAMP).

Wells Fargo Home Mortgage is the nation’s leading mortgage lender and services one of every six mortgage loans in the nation. From January 2009 through April 2012, Wells Fargo has helped more than 6 million homeowners with new low-rate loans, either to purchase a home or refinance their existing mortgage.

Wells Fargo’s Leading the Way Home® program is a national effort focused on foreclosure prevention, stabilizing communities and promoting sustainable homeownership through education. It is designed to help communities and customers understand and act on efforts to stabilize their current housing situation and build a strong community for the future.

For more information about the Conference of Mayors alliance with Wells Fargo, including the upcoming forum on August 8 at the Meadowlands Expo Center in Secaucus (NJ), contact Gene Lowe, Assistant Executive Director with the Conference of Mayors at 202-861-6710 or send email to glowe@usmayors.org.