Phoenix Becomes Third City to Join Wells Fargo’s ‘NeighborhoodLIFT,’ Bank’s Pilot Program in Support of Stabilizing Housing Markets

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Wells Fargo & Company (NYSE: WFC), one of America’s leading community

banks and the nation’s largest home mortgage lender, today announced

that its NeighborhoodLIFTSM

pilot

program is coming to a third market, Phoenix, on March 23-24 at the

Phoenix Convention Center, as it collaborates with city officials and

non-profit organizations on helping this community overcome the effects

of the country’s foreclosure crisis.

The company said the NeighborhoodLIFTSM program

has been designed to help communities attract qualified, prospective

homebuyers to neighborhoods struggling with high inventories of unsold

homes. In Phoenix, this will include a five-year goal of $3 billion in

mortgage purchase loans by Wells Fargo, and an $8 million investment the

bank is making this year for down payment assistance grants and

homebuyer support programs that help consumers achieve successful,

sustainable home ownership.

Wells Fargo chose Phoenix as its third market for the NeighborhoodLIFTSM

program based on the city’s high concentrations of homeowners,

foreclosures, delinquencies, and overall housing inventory. Similar

criteria resulted in Los Angeles and Atlanta becoming the program’s

first pilot markets.

Two-day NeighborhoodLIFTSM events were held in

each city in February that helped more than 640 prospective homebuyers

qualify for down payment assistance reservations totaling up to $16.4

million.

“Though no one program will re-stabilize housing markets, the positive

reception of the NeighborhoodLIFT program in Los Angeles and

Atlanta encouraged us to expand this effort to Phoenix,” said Jon

Campbell, Wells Fargo’s head of Social Responsibility. “As America’s

largest mortgage lender, Wells Fargo knows there are Americans who want

to take advantage of today’s great home values and historically low

interest rates, but do not because of barriers to home ownership, such

as affording a down payment. We hope this effort helps those aspiring to

successful home ownership, and communities seeking to recover from the

worst housing downturn in a generation.”

“This is a tremendous commitment by Wells Fargo to support homeowners

and communities,” said Eileen Fitzgerald, chief executive officer of NeighborWorks

America, the national non-profit collaborating with Wells Fargo on NeighborhoodLIFTSM

in Atlanta, Los Angeles and Phoenix. “This is the kind of

public-private collaboration that can help communities tackle difficult

challenges and families realize their goal of sustainable home

ownership.”

At the March 23-24 NeighborhoodLIFT

event in

Phoenix, prospective homebuyers will be able to apply for down payment

assistance grants of up to $15,000, covering home and renovation

financing, and to participate in homebuyer education sessions and tours

of residential properties for sale in the Phoenix market.

Representatives from Neighborhood Housing Services of Phoenix, a NeighborWorks

America affiliate, and the city of Phoenix will be on site to help

with the processing of applications for grants and other services.

“The downturn in the economy has created challenges for many of our

Phoenix citizens to become homeowners,” said Phoenix Mayor Greg Stanton.

“Everyone — corporations, nonprofits, the city, should step up to the

plate on homeownership so we can get our housing market moving again. We

are looking forward to collaborating with Wells Fargo, NeighborWorks

America, and Neighborhood Housing Services of Phoenix on this important

sustainable housing effort. It’s time to get Phoenix back on its feet,

and we all can do that by helping our residents put down roots and make

a commitment.”

Prospective homebuyers can register to attend the events at www.neighborhoodlift.com.

Helping Homeowners: Wells Fargo’s efforts to date

Since January 2009, Wells Fargo has contributed to efforts to stabilize

housing markets through the following initiatives:

About Neighborhood LIFTSM

The NeighborhoodLIFT SM program is a

collaboration between Wells Fargo Bank, N.A., Wells Fargo Foundation, NeighborWorks

America, an independent non-profit organization, and local

non-profit organizations. The NeighborhoodLIFT SM

program is designed to provide sustainable homeownership initiatives in

cities deeply affected by the housing crisis. A video about the

NeighborhoodLIFT program is posted at www.youtube.com/wellsfargo.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,

community-based financial services company with $1.3 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 other distribution channels across North America

and internationally. With more than 272,000 team members, Wells Fargo

serves one in three households in America. Wells Fargo & Company was

ranked No. 23 on Fortune’s 2011 rankings of America’s largest

corporations. Wells Fargo’s vision is to satisfy all our customers’

financial needs and help them succeed financially.