Wells Fargo Provides Statement on Independent Foreclosure Review Agreement Reached Today

  Wells Fargo Provides Statement on Independent Foreclosure Review Agreement
  Reached Today

Business Wire

SAN FRANCISCO -- January 7, 2013

Wells Fargo & Company (NYSE: WFC) and nine other mortgage servicers have
entered into settlement agreements with the Office of the Comptroller of the
Currency (OCC) and the Federal Reserve Board (FRB) that would end their
Independent Foreclosure Review (IFR) programs created by Article VII of an
April 2011 Interagency Consent Order and replace it with an accelerated
remediation process. Wells Fargo issued the following statement regarding the
agreements.

“We are pleased that the regulators and servicers came together to reach this
settlement, which will bring resolution to more borrowers in an expedited
manner,” said Mike Heid, president of Wells Fargo Home Mortgage. “This
agreement allows us to move forward and continue our focus on doing all we can
do to provide relief to our customers and restore stability to housing markets
across the country.”

Wells Fargo’s portion of the cash settlement will be $766 million, which is
based on the proportionate share of Wells Fargo-serviced loans in the overall
IFR population. Wells Fargo expects to record a pre-tax charge of
approximately $644 million in the fourth quarter of 2012 to fully reserve for
its cash payment portion of the settlement and additional remediation-related
costs. Wells Fargo will commit an additional $1.2 billion to foreclosure
prevention actions. This commitment will not result in any charge as the
Company believes that the commitment is covered through the existing allowance
for credit losses and the nonaccretable difference relating to our purchased
credit-impaired loan portfolio. The Company will report its fourth quarter
2012 results on January 11, 2013.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.4 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial finance
through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com),
and has offices in more than 35 countries to support the bank’s customers who
conduct business in the global economy. With more than 265,000 team members,
Wells Fargo serves one in three households in the United States. Wells Fargo &
Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy all our customers’ financial
needs and help them succeed financially.

Contact:

Wells Fargo & Company
Vickee Adams, 515-213-4610 (Media)
Jim Rowe, 415-396-8216 (Investors)