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Wells Fargo Finds 55K Foreclosure Errors

Wells Fargo Finds 55K Foreclosure Errors


From Bloomberg:

Wells Fargo & Co., conceding that some foreclosure affidavits “did not strictly adhere to the required procedures,” said it will file supplemental statements to courts in about 55,000 proceedings….. The bank will begin filings in 23 states immediately and aims to complete them by mid-November, subject to local laws, according to the statement.

“The issues the company has identified do not relate in any way to the quality of the customer and loan data,” the San Francisco-based lender said in the statement. “Nor does the company believe that any of these instances led to foreclosures which should not have otherwise occurred.”….

“The company has identified instances where a final step in its processes relating to the execution of the foreclosure affidavits (including a final review of the affidavit, as well as some aspects of the notarization process) did not strictly adhere to the required procedures,” it said in the statement.

Wells Fargo has assigned 160 employees in four offices to be part of the review, said Teri Schrettenbrunner, a spokeswoman for the company, in a phone interview

From

Wednesday it made mistakes in the paperwork for thousands of foreclosure cases and promised to fix them.

The San Francisco-based bank said it plans to refile documents in 55,000 of the cases by mid-November. The company said not all those cases included errors but didn’t say how many thousands did.

Wells Fargo described the mistakes as technical and said it has no plans to halt the foreclosure process, though filing new paperwork will cause some delays.

“We don’t believe that there are instances in which the foreclosures would not have occurred otherwise,” said Teri Schrettenbrunner, a Wells Fargo spokeswoman. The documents are being refiled in the 23 states where a judge’s approval is needed to complete a foreclosure.

Wells Fargo & Co.’s CEO, John Stumpf, has declined to join Bank of America Corp., Ally Financial Inc.’s GMAC Mortgage and other banks in suspending foreclosures because of flawed paperwork that surfaced at several large banks.

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