In an attempt to improve their image problems (Note: all lenders have image problems thanks to a little thing called the real estate bubble), Wells Fargo has implemented a program that actually benefits consumers! They have targeted the sub-prime lending market, which has been a source of increased concern for consumer groups and now, politicians.

Wells Fargo’s program gives access to credit specialists, credit reports and information about automatic banking (such as automatic mortgage payments) to help subprime borrowers improve their credit. The company detailed the program in a news conference Tuesday, although it has been active since mid-October.

Wells Fargo and other lenders with big stakes in the subprime market have come under attack from consumer advocates who say they are putting home buyers into loans they can’t afford.

Source: Jacksonville.com

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Tags: Credit, fargo, lenders, lending, loan, mortgage, report, sub-prime, wells

RealtyTrac (aff.)today announced in their monthly foreclosure report that 112,210 properties were entering some stage of foreclosure in September. According to the ForeclosurePulse Blog, that number represents “a decrease of less than 1 percent from August but an increase of more than 63 percent from September 2005.

September’s foreclosure rate of one new foreclosure filing for every 1,030 households was the third highest monthly foreclosure rate year to date, behind only the foreclosure rates reported in August and February.”

According to James J. Saccacio, CEO of RealtyTrac. “Foreclosure filings are up 39 percent year to date and have already have surpassed the total number reported in all of 2005. If they continue at the current pace, foreclosures will exceed the 1.2 million mark by the end of the year.”

Thanks to Octavio at RealtyTrac for letting us know about the new report!

Tags: foreclosure, Foreclosures, James, realtytrac, report, Saccacio