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Computer errors in Wells Fargo, which were accused when hundreds left their homes



Wells Fargo says a computer error is partly due to an error that affected an estimated 500 customers who lost their homes. The giant bank filed papers with the Securities and Exchange Commission last month, revealing that 870 loan applications were not properly rejected. About 60 percent of these homeowners went into foreclosure.

Legislators, housing lawyers, regulators and, above all, people who have lost their homes – people like Jose Aguilar ̵

1; ask how it came about.

"Me, it's something I would not wish for anyone," Aguilar told CBS News correspondent Anna Werner.

Today, Aguilar can only pass the house where he and his family lost foreclosure three years ago, the small ranch house in New York State where they wanted to raise their children.

"I looked there See how many times my kids and I ran up and down our bikes," Aguilar said.

He said the problems started when he and his former wife found mold in the house. He tried to fix it himself, but fell back a few months on the mortgage payments. The couple asked their lender Wells Fargo to change the loan to lower the monthly payment.

"First, they told me," OK, you know you might qualify for a loan modification, "Aguilar said.

But he said that then the delays – weeks, months – awaited a decision. [19659007] "Then the whole process started again. And then we came to the point where we were one year behind us, "said Aguilar.

Wells Fargo finally refused her.

" What was your reaction after all this time? "Asked Werner. [19659002] "At this point, I just gave up," said Aguilar.

He and his wife split up, the house went into foreclosure, Aguilar said the hit would approve of him, that no one would rent.

"At that point, my son and I had to move to the basement of a friend's home, and we stayed there for three months, and we had nothing. We had a couch and my son had a bed, "Aguilar said, choking on emotion." I felt worthless. I felt like I'd abandoned my family. "

Then, in September of this year, almost three years later, he received a letter from Wells Fargo." Dear Jose Aguilar, "it says," We have one Mistakes … we're sorry. "He said the decision to change the loan was" based on an erroneous calculation "and his loan" should have been. "

" It's just like this: "Is that yours? Seriously? Are you kidding? "As if they had destroyed my children's lives and my life, and now you want me to …" We're sorry? "Aguilar said.

Wells Fargo now said that "calculation errors" in loan changes affected 870 customers over a period of eight years, customers who were either denied loan modification or "who were not offered a change if they had otherwise qualified." About 545 of these customers have ultimately lost their homes through foreclosure.

At least some of these people, along with the letter, received a check from Wells Fargo. In the case of Aguilar, it was $ 25,000. But his lawyer Marc Dann said that does not begin to cover his entire losses.

"In your opinion, how did you come up with the amounts of money that you have distributed to people?" Asked Werner.

"We want to find out, we want to find out what went wrong, how it went wrong," said Dann.

Alys Cohen is at the National Consumer Law Center.

"The question is how that happened, should not she check her computer programs regularly to make sure they're accurate?" Cohen said. "This is clearly more than a simple computer error."

Wells Fargo declined an interview in front of the camera. The company could not say how much money it would expect for the customer's refurbishment. But Aguilar said it's not just about money.

"I want Wells Fargo to know that there are people who have feelings and families struggling to pay and survive their bills, we're real people, we're not just money," Aguilar said. 19659002] Wells Fargo has announced that it will work with each of these customers to find a solution. The bank also offers free mediation. Meanwhile, non-profit groups and some lawmakers are pushing for more answers.

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