Mortgage relief is on the way for Arizona homeowners who took out "pick-a-pay" loans from two companies that since have been acquired by Wells Fargo.
Wells Fargo has agreed to provide more than $150 million in mortgage relief to homeowners who obtained the adjustable-rate loans through Wachovia Corp. and Golden West Corp. The move will come about as part of a settlement announced by Attorney General Terry Goddard, who alleged that the loans were marketed deceptively.
About 1,700 Arizonans obtained the loans through one of the two companies.
Under the terms of the settlement, Wells Fargo admitted no wrongdoing. But Mike Heid, co-president of Wells Fargo Mortgage, said that mortgage relief would benefit the community.
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