How a Wells Fargo Counting Error Cost Hundreds Their Homes - FORECLOSURE FRAUD

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How a Wells Fargo Counting Error Cost Hundreds Their Homes

How a Wells Fargo Counting Error Cost Hundreds Their Homes

The Atlantic-

In a short section of its most recent quarterly report, Wells Fargo revealed that for more than five years, beginning in April 2010, the company had made “an automated miscalculation” that had dropped 625 mortgage holders below a threshold where they could receive a loan modification. Four hundred of these people subsequently had their homes foreclosed on. Wells Fargo finally caught the error in October 2015.

Coverage of the problem described it as “an error,” or even “a computer glitch.” The description in the Securities and Exchange Commission filing, meanwhile, raises as many questions as it answers: “This error in the modification tool caused an automated miscalculation of attorneys’ fees that were included for purposes of determining whether a customer qualified for a mortgage loan modification.”

As a result, Senators Elizabeth Warren and Brian Schatz sent Wells Fargo executives a long list of questions demanding to know the details of the case. In sum, their queries add up to an exasperated How could this have happened?

[THE ATLANTIC]

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