Wells Fargo, PHH See No Need For Moratorium

Wells Fargo & Co. and PHH Mortgage Corp. both maintain that they have no plans to initiate a foreclosure moratorium.

According to a statement from Wells Fargo, the company's affidavit procedures and daily auditing demonstrate that its foreclosure affidavits are accurate.

‘As always, as a standard business practice, we continually review and reinforce our policies and procedures,’ the bank says. ‘This includes conducting additional reviews before loans go to foreclosure sale. If we find an error or if an improvement is needed, we take action.’

Jerry Selitto, president and CEO of PHH Mortgage's parent company, PHH Corp., says that, based on a comprehensive review of its foreclosure procedures, the company has not halted foreclosures in any states and has no plans to do so.

SOURCES: Wells Fargo, PHH Corp.


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