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Wells Fargo: Errors contributed to hundreds of foreclosures



The bank said in a filing on Friday that the error had resulted in 625 customers refusing or not offering the credit modifications they otherwise would have qualified for. Foreclosures were completed in about 400 cases.

CHARLOTTE, NC (AP) – Wells Fargo says a corporate failure has contributed to hundreds of foreclosures because it incorrectly charged clients' entitlement to mortgage modifications

The bank said in a filing on Friday the mistake led that some 625 customers were denied or not offered the credit modifications they otherwise qualified for. Foreclosures were completed in about 400 cases.

Customers had used federal programs that helped families at risk of losing homes. Spokesman Tom Goyda says there is no breakdown of where the foreclosures occurred.

The error in the bank's underwriting tool lasted from 201

0 until the end of 2015, an internal review found.

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The bank said it had provided $ 8 million this year to help affected customers.

The San Francisco-based bank employs thousands in Charlotte.


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