$480M settlement with Wells Fargo shareholders OK’d by judge
ABA Journal Daily News
ABA Journal Daily News
Scholars have long pondered if Myrtle Beach, South Carolina was named after my cat Myrtle, or vice versa the answer is lost in the shrouds of time. Regardless, if you wonder what $ 3.4 million can take down in Myrtle Beach, the answer is .” Foreclosure News
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. […]
A New York homeowner last week fought back against the denial of a mortgage modification by Wells Fargo – using as a cudgel in the bitter spat the bank's admission just weeks earlier that a computer glitch wrongly denied hundreds of customers home loan help . The move by Mia Derosa is the first known […]
Farewell: Mark D'Arcy, Wells Fargo's chief operational risk officer, whose job includes oversight over regulatory reviews, annual stress tests and living wills, is leaving, effective next Tuesday, after about a year and a half with the bank. Mark Weintraub, the bank's chief auditor for consumer banking will take over. Foreclosure News
Earlier this month, Wells Fargo disclosed that it had mistakenly foreclosed on hundreds of homes over a five-year period. And yet, where was the outrage? The announcement was just the latest in what's amounted to a two-year streak of bad news for the bank, dating back to its first admission regarding its phony-accounts scandal in […]
A Democratic member of the Senate Banking Committee is calling on Wells Fargo to explain a mistake that led to hundreds of customers being denied mortgage adjustments, leading many to lose their homes to foreclosure. On Friday, Wells Fargo disclosed a software mistake that miscalculated eligibility for loan modifications, causing roughly 625 homeowners to be […]
Essex County is severing its relationship with Wells Fargo and pulling $ 3.8 million from its accounts, citing the bank's “malicious and insensitive” treatment of people and “aggressive” foreclosure practices. “The predatory lending schemes and aggressive foreclosure proceedings practiced by Wells Fargo destabilizes neighborhoods and has a negative impact on families and the community,” County […]
Between April 2010 and October 2015, a malfunctioning Wells Fargo tool miscalculated whether homeowners would qualify for a federally-backed program to modify mortgage payments and keep their homes. As a result, 625 qualified customers were denied a loan modification, causing at least 400 to lose their homes. Foreclosure News
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