May 04, 2007

Dodd Commends Wells Fargo’s Agreement to Principles

All Summit Participants Have Now Agreed to Dodd Principles

Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that Wells Fargo will join the other organizations and companies that have agreed to the Homeownership Preservation Summit Statement of Principles that he helped forge over the past two weeks. All of the organizations that participated in the Summit have now endorsed the principles. “I commend Wells Fargo for joining other leaders in agreeing to these principles. I believe that this consensus will make a positive difference in preserving homeownership for many Americans who are currently at risk of losing their homes,” said Dodd. “Wells Fargo appreciates the leadership role Chairman Dodd has taken in bringing together a diverse group of stakeholders at his recent Homeownership Preservation Summit to reach agreement on these important principles,” said Cara Heiden, division president of Wells Fargo Home Mortgage. “The principles mirror Wells Fargo's long-standing affirmative fair and responsible lending practices, and reflect our commitment to finding solutions for the financial challenges some nonprime consumers are facing.” The companies and organizations that have agreed to the principles are: Mortgage Bankers Association, Citigroup, JPMorgan Chase, Litton Loan Servicing, HSBC, Bear Stearns, Countrywide Financial Corp., Wells Fargo, Freddie Mac, Fannie Mae, the Self-Help Credit Union, the Leadership Conference on Civil Rights, AARP, and ACORN.