Wells Fargo and the cities of Minneapolis and St. Paul are teaming up on efforts to prevent foreclosures and stabilize neighborhoods affected by foreclosures.
The project will sponsor foreclosure prevention counseling sessions for at-risk Wells Fargo customers, including meetings to discuss loan modification. The events will be co-hosted by the cities in which customers live.
Jon Campbell, chief executive of Wells Fargo's Minnesota region, says banks sometimes have an image problem when they do outreach. Getting the cities involved, he says, could make a difference.
"So this is an effort to try to use parties that may be seen in a more neutral way than ourselves, to get their help in helping bring us together with families that we might be able to find a solution for if we could actually sit down and have that dialogue," Campbell said.
In the past, Wells Fargo has taken criticism for not doing enough to prevent foreclosures.
The partnership also aims to convince more first-time home buyers to acquire foreclosed properties. Each city gets about $63,000 to put toward those efforts.