Wells Fargo Says Hundreds of Customers Lost Homes After Computer Glitch (cnn.com)

Hundreds of people had their homes foreclosed on after software used by Wells Fargo incorrectly denied them mortgage modifications. From a report: The embattled bank revealed the issue in a regulatory filing this week and said it has set aside $8 million to compensate customers affected by the glitch. [...] Wells Fargo said the computer error affected "certain accounts" that were undergoing the foreclosure process between April 2010 and October 2015, when the issue was corrected. About 625 customers were incorrectly denied a loan modification or were not offered one even though they were qualified, according to the filing. In about 400 cases, the customers were ultimately foreclosed upon.

Comments

Wells Fargo is full of shit

[Anonymous Coward]

Wells Fargo is full of shit. It was assuredly not a "computer glitch" which made those people lose their homes; it was the fact that Wells Fargo didn't want to deal with people who hit economic hard times and could not pay their mortgages every month. It's well known that, during the foreclosure crisis of the early 2010s, banks made it as difficult as they could for people to change the terms of their mortgages, because the banks could make more money foreclosing and selling the houses.

Re: Wells Fargo is full of shit

[whoever57]

It's shocking.

There were stories at the time of people who contested a foreclosure, pointing out that the bank didn't have the right to foreclose, but judges could not believe that the banks would engage in such corrupt acts, so ruled in favour of the banks.

I wonder if those judges have ever had second thoughts about their decisions, which resulted in taking away people's houses, based on possibly fraudulent statements by banks?