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.