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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4 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

  3. Karen Marshall says:

    Wells Fargo didn’t just scam us, so did our government by making it sound like they were going to make it right. To this very day I have nothing. Thanks to Wells Fargo. They didn’t just deny me a loan modification, they started the 3 month trial to take out of my bank account the new loan amount, the dates for the payments were specified and it was automatic withdrawal from my checking, they took out the new amount and then 3 days after took out the difference to make up for the original payment amount. This overdrafted my checking account, they wouldn’t fix it immediately, causing massive overdraft charges. Then they processed to state it was corrected and they did the same thing for the next three months causing serious damage and then foreclosed on a house I had lived in for 21 years with no accountability. Then with the botched foreclosure review sent me $250.00. My credit is ruined, forced to rent and drive everyday and see empty houses every where. Wells Fargo, you owe me 65,000 dollars. You sold my home that I raised my children in to Habitat for Humanity, who turned around and sold it for a profit, not to spruce up for a needy family mind you, and the person who bought it burned it down because it was next to their house and wanted the extra land. But you wouldn’t let me keep it and I had no issue with paying for the house, I just needed the payment lowered. Thanks

  4. BT says:

    Please Be Aware who you vote for This Swamp should have been Drained. The Democrats in in a outrage about the illegals family being separated. Where is the outrage for the legal American’s being harmed by the banking system with no real recourses. They steal a Trillions and pay back millions the cost of doing business They use the courts as a collection agency The CEO retire with the money he profit from the scam, no jail time, This is why the next Wells Fargo scam will be coming up soon. They have a license to STEAL KILL AND DETROY WITH NO RECOURSES. California was given $331 Million a drop in the bucket for the homeowners who is a victim of the banking System was stolen from the victims again by this unjust system. California was sued and have to give the money back. The Assembly already passed Assembly Bill 1829, which makes the statutory changes related to the National Mortgage justifying this theft. AB 1829 was passed on a party line in the Senate Committee on Budget and Fiscal Review, 12—5, with all Republicans on the committee voting no. BE VERY CAREFULL WHO YOU VOTE FOR AND PLEASE DO YOUR RESEARCH IN GOD WE ONLY TRUST

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