Don't be Scrooge

Banks move to suspend evictions during holiday season
Dec. 05, 2012 @ 05:06 PM

One of the major banks in the state and region wants to leave nothing to chance that it will be linked with Scrooge during the Christmas season.
Wells Fargo & Co., which gained a major foothold in North Carolina and the High Point area through its purchase of Wachovia more than a year ago, announced Wednesday that it will suspend evictions on homes during the holidays.
From Dec. 19 through Jan. 2, “Wells Fargo will suspend evictions and will not move forward on any foreclosure sales for customers who occupy their homes, on the loans we own,” the bank announced.
The bank doesn’t know how many people the suspension of evictions may assist, said Josh Dunn, corporate communications manager at Wells Fargo’s office in Charlotte.
The bank said the move reflects the “values and the spirit of the holiday season.” Dunn said that Wells Fargo has suspended evictions at the Christmas holidays for a number of years.
The city’s largest locally owned and operated bank has a policy in place similar to the one for Wells Fargo.
High Point Bank & Trust starts its suspension of evictions and repossession of cars Dec. 17, continuing through Jan. 2, said Mark Founds, a vice president with the bank.
The suspension of evictions for the Christmas holiday period has become a more common practice among financial institutions nationwide, said Joseph Pigg, vice president and senior counsel of mortgage finance with the American Bankers Association.
“Fannie (Mae) and Freddie (Mac) both announced similar plans this week as well,” said Pigg, who’s with the banking trade group based in Washington, D.C. | 888-3528