A glitch by Wells Fargo has led to hundreds of mistaken foreclosures, which means that more than 500 of the bank's customers lost their homes. The financial institution said that a computer glitch is in part to blame for an error that reportedly led to 545 customers losing their homes. Foreclosure News
Wells Fargo says a computer glitch is partly to blame for an error affecting an estimated 545 customers who lost their homes. The giant bank filed papers with the Securities and Exchange Commission last month, revealing it incorrectly denied 870 loan modification requests. Foreclosure News
In a new disclosure, San Francisco-based Wells said an expanded review found that approximately 870 customers were incorrectly denied or not offered loan modifications or repayment plans that would have made their mortgages more affordable. As a result, about 545 of those customers lost their homes to foreclosure, Wells said in a securities filing. Foreclosure […]
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In a short section of its most recent quarterly report , Wells Fargo revealed that for more than 5 years, beginning in April 2010, the company made “an automated miscalculation” that dropped 625 mortgage holders below a threshold where they could receive a loan modification. 400 of these people subsequently had their homes foreclosed on. […]
The bank said in a filing Friday the error caused about 625 customers to be denied, or not offered, loan modifications they otherwise qualified for. Foreclosures were completed in about 400 of the cases. Foreclosure News
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Wells Fargo has admitted a “calculation error” may have led to as many as 400 struggling homeowners needlessly losing their homes to foreclosure. The mistake in a mortgage-modification tool, discovered nearly three years ago , wrongly factored lawyers' fees into the formula put forth by the government to determine if a homeowner would qualify for […]
The bank said in a filing Friday the error caused about 625 customers to be denied, or not offered, loan modifications they otherwise qualified for. Foreclosures were completed in about 400 cases. Foreclosure News
Solid hiring in July and strong quarterly earnings have boosted the stock market. The government says U.S. employers added 157,000 jobs last month, and more jobs were added in May and June than previously reported. Foreclosure News