Cara Heiden

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Cara Heiden
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Cara Heiden

• Division President
• Wells Fargo Home Mortgage

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Wells Fargo Company

• 1 retail residential lender
• 1 residential mortgage servicer
• 1 renovation financing provider
• 1 reverse mortgage originator
• 1 construction lender
• 1 FHA/VA producer

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Homeownership Has A ProfoundImpact on our Country

• Families feel rooted and secure
• Children achieve higher levels of education
• Communities are more vital
• Families achieve greater financial success
• Fuels economic growth

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Through Fair and ResponsibleLending and
Servicing
Make the dream of homeownership possiblefor any
American who aspires to the dream.
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Mortgage Industry Stakeholders
Consumer
Trade Constituency Groups
Realtors
Secondary Investors Capital Markets Securities
Builders
Federal / State Gov. Federal Agencies,Regulators

• Settlement Services
• Appraisers
• Title Companies

Lenders
Servicing
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Mortgage Industry Stakeholders
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Mortgage Industry Stakeholders
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Mortgage Industry Stakeholders
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Mortgage Industry Stakeholders
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Mortgage Industry Stakeholders
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Mortgage Industry Stakeholders
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Subprime Mortgages Made to Borrowers with
Perceived High Credit Risk

• Lack strong credit histories
• Higher default potential
• Experienced credit challenges

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Homeownership Has Increased
The expansion of subprime mortgage lending
contributed to the rise in homeownership
minority and households in low-income census
tracts have recorded some of the largest gains.
Ben BernankeFederal Reserve Chairman
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Fair and ResponsibleLending and Servicing
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Wells Fargos Nonprime Real Estate Fair
Responsible Lending Principles

• Approve loans borrower has ability to repay
• Provide information for fully-informed decisions
• Do not make pay option ARMs or negative
  amortization loans
• First mortgage customers who qualify offered
  prime pricing options
• Advise customers about pre-payment fees
• Limit prepayment fees
• Only make loans that offer demonstrable benefit

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Consumer Education is Vital
Steps To SuccessSM

• Financial Education
• Credit Reports
• Automated Banking Products

More than 30,000 Customers
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Advocating Change

• Fair and Responsible Lending and Servicing
  practices for all mortgage providers
• National oversight and enforcement of
  non-regulated mortgage providers
• Industry collaboration to expand options for
  helping customers

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