For Immediate Release

Chicago, IL – February 19, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Wells Fargo & Company (WFC), Bank of America Corp. (BAC), Citigroup Inc. (C), USB Bancorp (USB) and Ocwen Financial Corporation (OCN).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513

Here are highlights from Thursday’s Analyst Blog:

Wells Fargo Doubles HAMP Feat

In an attempt to reduce the number of foreclosed homes across the US, on Wednesday Wells Fargo & Company (WFC) announced that it continues to proceed swiftly with its extensive and incessant use of the federal Home Affordable Modification Program (HAMP) along with its other modification programs. As on Jan 31, 2010, Wells Fargo recorded 137,128 active trials and completed modifications. This included 17,652 permanent modifications, twice the number of permanent modifications as of the end of Dec 2009 and 7,554 permanent modifications whose completion remained pending.

Further, as a result of this initiative, more than 92,000 Wells Fargo customers with HAMPs made all three trial payments as of Jan 31, 2010. The company expects about 50% of these will have their modifications completed, while 30% remain ineligible for HAMP after their documents were reviewed, 10% failed to provide the required documents and the rest 10% loan customers provided no documents at all.

Wells Fargo’s genuine efforts appear in the fact that by exploring all options since the beginning of 2009, the company has done more than 350,000 non-HAMP modifications, including active trials in place as at the end of Jan, 2010. Additionally, from Oct, 2009 through Jan, 2010, Wells Fargo initiated or has completed three modifications for every one foreclosure sale on owner-occupied properties.

Although companies such as Bank of America Corp. (BAC), Citigroup Inc. (C), USB Bancorp (USB) and Ocwen Financial Corporation (OCN), to name a few, are also engaged in HAMP and other modification programs to prevent foreclosure, Wells Fargo is believed to be proactively reaching out to its customers to collect the necessary HAMP documents to manage and address customers’ loan problems through all the possible existing and viable alternatives. As a result, it has been able to help out 92% of its customers to stay current in their payments.

Want more from Zacks Equity Research? Subscribe to the free Profit from the Pros newsletter: http://at.zacks.com/?id=5515.

About Zacks Equity Research

Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

Zacks “Profit from the Pros” e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today: http://at.zacks.com/?id=5517

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD in mathematics Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it’s your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=5518.

Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

Follow us on Twitter: http://twitter.com/zacksresearch

Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts

Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

Contact:
Mark Vickery
Web Content Editor
312-265-9380
Visit: www.zacks.com

 

 

Zacks Investment Research