Wells Fargo customers take note: Wells Fargo, Philly’s biggest bank, agrees to tap federal bailout money for struggling homeowners

From The Philadelphia Inquirer:

An underused $25 million program to bail out Pennsylvania homeowners who lost income due to coronavirus shutdowns got a shot in the arm Friday when Wells Fargo Bank reversed course and agreed to work with the program after all.

As of Sept. 18, only 2,000 Pennsylvanians had applied for $8.4 million, or one-third, of the money in the Pennsylvania Pandemic Mortgage Assistance Program, which was unveiled by state officials in July.

The program offers up to $1,000 a month for up to six months for homeowners who need mortgage assistance due to coronavirus closures as Gov. Wolf and other officials adopted social-distancing rules. Under a law passed by the General Assembly, homeowners have until next Wednesday, Sept. 30, to apply for the money at phfa.org/. (Another program at the site also helps renters.)

Several advocates said the program could be a godsend for struggling people while requiring little from the banks to participate. Several neighborhood and community banks have approved customers for the program, and PNC, the state’s largest bank, “is participating,” said PNC spokeswoman Marcey Zwiebel.

Continue reading Wells Fargo, Philly’s biggest bank, agrees to tap federal bailout money for struggling homeowners on The Philadelphia Inquirer

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