HAGENS BERMAN

Date Filed: March 5, 2010

Hagens Berman Sobol Shapiro is interested to hear from homeowners in Washington and California who attempted to modify their mortgage loans, and felt they were erroneously declined by their lender.

The law firm is investigating several banks and lending institutions that accepted government bailout money from the Troubled Asset Relief Program (TARP). There are indications suggesting some of these banks failed follow government policies to help qualified homeowners obtain affordable mortgage loan revisions and other alternatives to home foreclosure.

Wells Fargo (NYSE:WFC), Wachovia, and Bank of America (NYSE:BAC) are some of the financial institutions under investigation. Hagens Berman believes these banks and others are intentionally preventing eligible borrowers from making permanent modifications to their home loan.

According to government policies, TARP-funded financial institutions must gather information from the homeowner, and offer revised three-month payment plan for the borrower. If the homeowner makes all three payments under the trial plan, and provides necessary documentation, the lender must offer a permanent modification.

Homeowners who received an inadequate response from their lender after requesting an adjustment to their mortgage loans are encouraged to contact an attorney from Hagens Berman. Lenders are required by law to permanently modify mortgage loans if all obligations of the three-month trial plan are met.