Wells Fargo offers $20,000 to homeowners for improper foreclosures

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Wells Fargo offers $20,000 to homeowners for improper foreclosures

Wells Fargo offers $20,000 to homeowners for improper foreclosures

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Wells Fargo has admitted a calculation error may have led to the unnecessary foreclosure of as many as 400 homes.

The bank said a mistake allowed for lawyers’ fees to be included in a formula that determined if struggling homeowners qualified for federally backed assistance programs. The error led to 625 customers being incorrectly denied loan modification with 400 of them having their homes foreclosed upon, CNN reported.

The homeowners affected by the error were in the foreclosure process between April 13, 2010 and Oct. 20, 2015. According to financial filings submitted last week, Wells Fargo has set aside $8 million to remediate customer losses, a figure that equals about $20,000 per customer.

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2 Responses to “Wells Fargo offers $20,000 to homeowners for improper foreclosures”

  1. Mary says:

    Wells Fargo scammed homeowners some with FAKE MODS they later Did not Recognize. They Foreclosed on those they LIED to and THEN Now theyADMIT To ONLY 400 ERRORS?? They ARE LYING. They Ripped Our Lives APART and NOW are Trying To Rewrite History?? Lives Were RUINED. People Committed SUICIDE. Families were SPLIT UP. It Created DIVORCES. $20K is an INSULT in an era where Homelessness Due to BRUTALLY HIGH RENTS are The NORM. That IS HOW CEOs Take Unearned Incims in the Millions by STEALING. It’s EZ to BE A Billionaire. JUST STEAL from Milluo s Of your Customers

  2. Dani says:

    To little to late arrest the banksters for fraud and the judges that rule in favor of the thief’s in court

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