Under the settlement entered into by the big banks including Wells Fargo and the Attorney General in 2012, Well Fargo is obliged to refinance mortgage loans that they own and service and not backed by Fannie May and Freddie Mac, to current low rates. However, wells Fargo has refused to refinance millions of struggling home owners currently on interest rates as hign as 7.0% under the guise that their loan is owned by a "private investor" named WFMBS (Wells Fargo Mortgage Backed Securities). These home owners did not ask that their loans be securitised and were never informed in writing at any point that their loan is now owned by a defferent entity. Every one knows that Wells Fargo and WFMBS are one and the same entity so they should live up to their obligation under the settlement.
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