Diverse Views of Housing Market Provided by Wells Fargo Symposium

Industry Leader to Emphasize Fair and Responsible Lending and Servicing Principles

Washington, D.C.
14 June 2007

Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."

Everyone deserves a fair shot at the American dream of homeownership. How to safeguard that dream is the subject of today's housing symposium, sponsored by Wells Fargo to help commemorate National Homeownership Month.

The symposium will feature diverse voices from across the homeownership spectrum, including economists, consumer advocates, and leaders of the financial services and housing industries. "Wells Fargo's vision is to help satisfy all of our customers' financial needs and help them succeed financially. We are driven by this vision which includes helping as many people as possible achieve and maintain the dream of being a homeowner," says Cara Heiden, division president, Wells Fargo Home Mortgage.

"We believe it is our responsibility to collaborate with industry partners on leading fair and responsible lending and servicing, advancing customer education, and continuing to develop solutions for consumers who face financial difficulties. Our symposium will provide a forum in which to explore the impact of the current economy and the responsibilities of all industry partners in affecting change." Wells Fargo has long adhered to fair and responsible lending and servicing principles.

The company's Responsible Lending Principles for Non-Prime U.S. Real Estate Lending have been posted on its Web site since January, 2004. At the symposium, the company's Responsible Servicing Principles will be distributed publicly for the first time. "We've long advocated the adoption of fair and responsible lending and servicing principles across the mortgage industry," Heiden stated. "By publicizing our practices, we hope to inspire others in the industry to do the same." The Responsible Servicing Principles are:

We approach every interaction from the customer's point of view-putting his or her needs first.

We provide clear, simple and timely information to consumers, understanding how complex homeownership and financing can be.

We believe our customers deserve a dedicated and knowledgeable service team; we strive to hire and retain the best.

We provide tools, services and information that help our customers manage their credit.

We believe in homeownership, and do all we can to help keep people in their homes.

The symposium speakers include Secretary of Housing and Urban Development Alphonso Jackson; Washington Post Writers Group Syndicated Columnist Ken Harney, and Managing Director of UBS Securities Hugh Corcoran.

Panelists will include key representatives from: Fannie Mae, ISI Group, National Community Reinvestment Coalition, Consumer Federation of America, National Association of Home Builders, National Association of REALTORS®, Mortgage Bankers Association, National Association of Mortgage Brokers, National Association of Hispanic Real Estate Professionals, National Association of Real Estate Brokers, and Asian Real Estate Association of America. "Safeguarding the American Dream" is the second housing symposium that Wells Fargo has sponsored.

Last year's, "Breaking Down the Barriers to Homeownership" included the company's launch of Steps to Success^SM a program designed to help our customers with nonprime real estate loans better manage their credit and achieve financial success. (The event, held at the Ronald Reagan Building, 1300 Pennsylvania Ave, NW, is open to credentialed media. Reservations for the general public may be made by calling 800-875-0190 starting at 8 a.m. (ET).