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Wells Fargo says hundreds of customers have lost homes due to computer problems



Hundreds of people were forced to close their homes because the software used by Wells Fargo falsely refused mortgage modifications.

The embattled bank uncovered this issue in a regulatory filing and said it provided $ 8 million to compensate customers

The same motion also revealed that Wells Fargo is "subjected to formal or informal inquiries or investigations" by nameless government agencies on the way the company acquires federal tax credits for a low income. The document states that the probes are linked to "the financing of low-wage housing estates", but offers no further details.

Reuters reports on Friday for the first time of investigations and abused mortgage modifications.

Wells Fargo said the computer error affected "certain accounts", which went into the foreclosure process between April 201

0 and October 2015, when the problem was resolved.

Approximately 625 customers were mistakenly denied loan modification or were offered no one, even though they were qualified filing. In about 400 cases the customers were excluded.

Wells Fargo did not respond to a request from CNNMoney on Saturday.

Related: Wells Fargo to pay $ 2 billion penalty in mortgage

Wells Fargo has been riddled in a series of scandals in recent years that have cost the company billions and it has come up with a series of lawsuits and investigations faced. Earlier this week, the Justice Department Wells Fargo announced a fine of $ 2.1 billion to pay for the granting of mortgage loans, contained false income information. The government said the loans contributed to the financial crisis in 2008, which paralyzed the global economy.

In June, Wells Fargo was accused by the Federal Securities and Exchange Commission of using complex financial investments to take advantage of mom-and-pop investors. Wells Fargo, who had neither admitted nor denied the allegations of the SEC, said at the time she "fully cooperated" with the SEC probe.

One of their most far-reaching scandals involved the creation of millions of counterfeit accounts, which the company created for unsuspecting customers in order to boost its sales. The volume of this edition increased as the practice was first unveiled in September 2016.

The bank has also admitted charging its customers with unfair mortgage fees and charging people for car insurance they did not need.


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