Wells Fargo borrowers potentially eligible for mortgage rate reductions under the national settlement with big banks are being notified this month, Maryland's attorney general said Friday.
The lender is mailing out rate-reduction offers in waves, meaning that some borrowers already might have received their letter, said the office of Attorney General Douglas F. Gansler.
In a statement, Gansler urged homeowners to "respond as soon as possible." Those who don't get an offer in the mail by the end of May but think they're eligible should call the bank at 800-288-3212, he added.
The other companies that settled with attorneys general across the country — Ally Financial (formerly GMAC), Bank of America, Citigroup and JPMorgan Chase — will send similar letters to their borrowers later, Gansler said. The agreement was struck to settle allegations of widespread mortgage servicing and foreclosure misconduct, including "robo-signing" court documents en masse.
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