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Wells Fargo Asset Securities Corp – ‘ABS-15G’ for 6/30/12 – ‘EX-2’

On:  Friday, 8/10/12, at 1:26pm ET   ·   For:  6/30/12   ·   Accession #:  72971-12-562   ·   File #:  25-00453

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/10/12  Wells Fargo Asset Securities Corp ABS-15G:1   6/30/12    3:487K                                   Wells Fargo & Company/MN

Asset-Backed Securities (ABS)

Asset Class:  Residential mortgages – Other/Combined   ·   Rule:  15Ga-1   ·   Period Start:  4/1/12   ·   Quarterly Activity?  Yes   ·   Annual Activity?  Yes

Asset-Backed Securities Report   —   Sect. 15G
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: ABS-15G     Asset-Backed Securities Report                      HTML      7K 
 2: EX-1        Data Table                                          HTML    113K 
 3: EX-2        Explanatory Notes                                   HTML      8K

EX-2   —   Explanatory Notes

This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

  Wells Fargo Asset  
EX-2

Wells Fargo Asset Securities Corporation

ABS-15G Explanatory Notes

We have attempted to gather the information required by this Form ABS-15G and Rule 15Ga-1 by, among other things, (i) identifying asset-backed securities transactions that fall within the scope of Rule 15Ga-1 for which we are a securitizer and that are not covered by a filing to be made by an affiliated securitizer ("Covered Transactions"), (ii) gathering information in our records regarding demands for repurchase or replacement of pool assets in Covered Transactions for breaches of representations or warranties concerning those pool assets ("Repurchases") that is required to be reported on Form ABS-15G ("Reportable Information"), (iii) identifying the parties in Covered Transactions that have a contractual obligation to enforce any Repurchase obligations of the party or parties making those representations or warranties based on our records ("Demand Entities"), and (iv) requesting all Reportable Information from trustees and other Demand Entities that is within their respective possession and which has not been previously provided to us. However, we cannot be certain that we have obtained all applicable Reportable Information because, among other things, some Demand Entities have not agreed to provide Reportable Information or may not have provided complete Reportable Information, and some Demand Entities may be unable or unwilling to provide Reportable Information without unreasonable effort or expense (or without imposing unreasonable expense on us).

Correspondence received during the reporting period from any insurers which could subsequently result in a repurchase obligation are not captured herein unless such correspondence is accompanied by a demand.

This report includes activity initiated by Wells Fargo Bank, N.A.

The repurchase activity reported herein is described in terms of a particular loan's status as of the end of the reporting period.   Loans which have been subject to one or more previous repurchase demands and for which a new demand has been issued in this reporting period will not have a corresponding entry in columns g-i, however the status of such new demand will be shown. (For columns j-x)

In the event a demand was received in prior reporting periods, such activity is being reported as assets pending repurchase or replacement within the cure period (columns m/n/o) or as demand in dispute (columns p/q/r), as applicable, until the earlier of the reporting of (i) the repurchase or replacement of such asset (columns j/k/l), (ii) the withdrawal of such demand (columns s/t/u), or (iii) the rejection of such demand (columns v/w/x), as applicable.

Where an underlying asset has paid off or otherwise been liquidated by or on behalf of the issuing entity (other than via a repurchase by the obligated party) during or prior to this reporting period, the corresponding principal balance utilized in calculating columns (g) through (x) shall be zero.

"Originator" generally refers to the party identified in securities offering materials at the time of issuance for purposes of meeting applicable SEC disclosure requirements. (For columns c-f)

Includes only new demands received during the reporting period. (For columns g-i)

Includes assets for which a reimbursement payment is in process and where the asset has been otherwise liquidated by or on behalf of the issuing entity at the time of initiation of such reimbursement process. (For columns j-l)

Includes assets which are subject to a demand and within the cure period, but where no decision has yet been made to accept or contest the demand. (For columns m-o)

Includes assets pending repurchase or replacement outside of the cure period. (For columns p-r)

Includes assets for which a reimbursement payment is in process, and where the asset has not been repurchased or replaced. Also includes assets for which the requesting party rescinds or retracts the demand in writing. (For columns s-u)

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Filing Submission 0000072971-12-000562   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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