If I were John Stumpf, I'd call up Timmy Geitner and tell him to shove his HAMP program and get out of it. It's a money loser for Wells and simply postpones the inevitable: you can't make any loan payment, modified or not, if you don't have a job.
Wells Fargo responded sharply, saying its is "formally disputing" the findings with the Treasury,m though it said it realizes "continued improvements are needed". "It paints an unfairly negative picture of our modification efforst and contradicts previous writen assessments shared with us by the Treasury," Wells Fargo said in a statement. "The report reviews activities that date back a year or more and in no way reflects the improvements Wells Fargo has made in our processes and the work we have done to help homeowners."