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TEHRAN, August 5 - Wells Fargo says a company miscalculation could be the reason for hundreds of foreclosures, the bank revealed in a regulatory filing Friday.
TEHRAN, Young Journalists Club (YJC) -Wells Fargo says a company miscalculation could be the reason for hundreds of foreclosures, the bank revealed in a regulatory filing Friday.
The report, filed to the Securities and Exchange Commission, said 625 customers were "incorrectly" denied a loan modification or were not offered a modification, all of which should have qualified.
Out of those cases, 400 homes were foreclosed, something Wells Fargo defends might have happened anyway.
To make up for the mistake, Wells Fargo has accrued $8 million to remedy affected customers, the report said.
That amount averages $12,800 per borrower but the company did not say how much each individual would get or how the compensation would be distributed.
Wells Fargo spokesman Tom Goyda told the Los Angeles Times all are receiving what the company deems is appropriate given the circumstances.
"We're very sorry that this error occurred," Goyda said, adding there is not a 100 percent "clear cause and effect relationship between the modification denial and the ultimate foreclosure."
Source:UPI
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