Lenders Taking Steps to Improve Image Problems

by | BiggerPockets.com

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

About Author

Joshua Dorkin

Joshua Dorkin is a serial entrepreneur, investor, podcaster, publisher, educator, and co-author of How to Invest in Real Estate. He started BiggerPockets to help democratize the real estate investing landscape for himself and others, aiming to make it accessible for everyone, regardless of income or education. Today, BiggerPockets is the premier real estate investing website online with over one million members and reaching over 70 million people with the message of financial freedom through real estate investing. Joshua, along with his wife and three daughters, make their home in Denver, Colorado, and spend any time they can traveling, exploring, and adventuring. Read more about Joshua’s story in 5280 and Inc.com.

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