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Wells Fargo Suspends Foreclosure Sales and Evictions

Wells Fargo & Company has announced that it has suspended residential property foreclosure sales, evictions and involuntary auto repossessions, as part of additional comprehensive steps to help customers, communities and employees grappling with the impact of COVID-19. Additionally, the Wells Fargo Foundation will increase its charitable donations to $175 million to help address food, shelter, small business and housing stability, as well as to provide help to public health organizations.

“The coronavirus is disrupting the daily lives of many people around the world, and Wells Fargo has taken—and will continue to take—the steps needed to support our customers, employees and communities during this difficult time,” said CEO Charlie Scharf. “We will continue to evaluate this fluid situation and take additional action as necessary.”

Wells Fargo is taking several other steps to meet the needs of customers, operate safely and effectively and reduce the risk to employees and customers, recognizing that the company provides critical and essential services to the stability of the economy and the financial wellbeing of customers. The Wells Fargo Foundation is also increasing its charitable donations to $175 million to help address food, shelter, small business and housing stability, as well as to provide help to public health organizations.

The company also is offering fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who contact the company.

Wells Fargo will also be supporting its employees through a $10 million donation to its WE Care Fund. The fund provides resources to colleagues who face a catastrophic disaster or financial hardship resulting from an event beyond their control. This program is available to those affected by coronavirus and is intended to help employees, especially those with limited resources, get back on their feet with basic necessities.

About Author: Seth Welborn

Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.
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