This is getting ridiculous!! It's time for a huge rinse with all of their senior management and executives. Destroying lives because of a computer glitch.
Computer glitch causes foreclosures
Computer glitch causes foreclosures
Quote:
Wells Fargo & Company WFC is facing yet another probe related to denying or not offering modifications in mortgage loans that about 625 customers were eligible to at the time. Of the impacted customers, homes of about 400 people were foreclosed by the company.
Per the bank's internal review, attorney fee-related "calculation error" caused by a mortgage underwriting tool is accountable for the mishap. Accounts that were undergoing foreclosure process in the period between April 2010 and October 2015 were majorly impacted.
In its quarter filing, Wells Fargo mentioned that it has kept aside $8 million as provisions to repay the affected customers.Also, the bank mentioned that an undisclosed government agency is currently investigating the manner in which Wells Fargo obtained certain federal low-income housing tax credits in connection with the financing of low income housing developments.