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Innovation and industry collaboration are the keys to avoid preventable foreclosures.

Article Excerpt
With all that has been written about the causes of our country's economic condition, it is easy to lose sight of the focus and motivation that conscientious mortgage lenders and servicers--such as Wells Fargo--have maintained from the very beginning: to do everything possible to promote fair and responsible lending, and avoid preventable foreclosures for the benefit of all Americans.

In response to the current environment, an unprecedented level of public and private collaboration has been undertaken to produce home-retention options that evolve as consumer needs have changed, including the ever-increasing impacts of unemployment and underemployment. Simply said, the options created today are more rigorous than those we employed six months ago; and, depending on when the economy turns, the options required tomorrow may be even more complex.

The challenges associated with maintaining this pace of change are significant, and carry sizable risk for mortgage servicers. They include protecting our companies' and our industry's reputations with customers who experience, first-hand, the communication challenges associated with ever-changing guidelines and with public skeptics who continually question our commitment to doing sustainable modifications.

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