Industry NewsMortgage

Goal for loan mods, refis ‘within reach’

Loan servicers detail 'Home Affordable' efforts

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The Obama administration's goal of helping up to 9 million homeowners refinance their mortgages or obtain loan modifications "is well within reach," according to a Wells Fargo executive in charge of the bank's loan servicing division.Wells Fargo refinanced about 750,000 mortgages in the first half of the year, and provided 200,000 trial and completed loan modifications -- nearly double the same period a year ago, said Mary Coffin, executive vice president of Wells Fargo Home Mortgage Servicing.Testifiying at a Senate Banking Committee hearing, Coffin said that because Wells Fargo represents about 20 percent of the market, nearly 4 million Americans may have already refinanced or received loan modifications this year.But the Obama administration says some loan servicers are doing a better job than others, and will begin publicly reporting their results beginning next month, Treasury Department Assistant Secretary for Financial Stability Herb Allison said in prepared testimony...