Wells Fargo says sorry again after error cost more people their homes than first thought

[laserhaas]

Source: Charlotte Observer

Link to tweet

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In a new disclosure, San Francisco-based Wells said an expanded review found that approximately 870 customers who were going through foreclosure were incorrectly denied or not offered loan modifications or repayment plans that would have made their mortgages more affordable. As a result, about 545 of those customers lost their homes, Wells said in a securities filing.

A spokesman for the bank, which has a large presence in Charlotte, said the company apologizes for the mistake.

Also last month, some Democrats on the Senate Banking Committee wrote in a letter that Wells’ CEO Tim Sloan and Chairwoman Betsy Duke should be made to testify before Congress following “rampant consumer abuses” revealed over the past year.

The request was made to committee Chairman Mike Crapo, of Idaho. A committee spokeswoman said Monday that no hearing has been scheduled.

Read more: https://www.charlotteobserver.com/news/business/banking/article221153505.html

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We all know Wells Fargo and other Banks have wronged many more than 400 homeowners.

[Turbineguy]

1. Oopsies!

It was only a small booboo!

[rpannier]

11. Probably some low level, unidentified intern

That's what faux spews does

[sandensea]

2. Sorry don't feed the bulldog

Those homeowners should be made whole - although good luck getting Blanche duBois Sessions to move a finger in that regard.

[Maxheader]

3. Fuck wells furgo and the horse they rode in on..

bastards...as are all big corp ceos...

[Hav]

4. "Sorry, you lost your home"

is not enough. At least they are working on financial solutions as well. But 8 mliion for such an amount of houses seems very low even if you only take a percentage of the value of a house. I wonder whether they did proft from these mistakes. I'd bet that a mistake that a bank makes that is to their advantage isn't a coincidence and will get repeated until they get caught.

[laserhaas]

6. It is far bigger than $8 million. These are the ones Wells Fargo got caught on

As for me (I know it sounds preposterous) - they owe my eToys company (stolen by Bain/ Romney) - $100 million.

The gravity & gravamen of depravity at Wells Fargo, runs deeper than most could possibly fathom.

[tinrobot]

5. They still kept the houses... sorry doesn't cover that.

[laserhaas]

7. Even purported liberals make a mockery out of victims - WTF

Last edited Tue Nov 6, 2018, 09:12 PM - Edit history (1)

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Sheupdated me - That it was meant as sarcasm

[ProfessorGAC]

13. I'm Reading That Differently

I think it's a satiric comment on the W-F "apology"

[laserhaas]

16. Concur! - she respinded to many asking her - What

It is snark

[BlueIdaho]

8. How are these SOBs still in business? nt.

[laserhaas]

9. Exactly! - Unfortunately, this is what American business has become

[BlueIdaho]

10. "Too Big to Fail"

I know what I’m going to be demanding the next time the investment bankers at Hells Fargo and the rest train wreck the economy....

[laserhaas]

18. It was Andrew Sorkin who wrote & produced Too Big

He is following me on LinkedIn

But he will not tell big Wall Street fraud stories

[McCamy Taylor]

12. Sorry does not cut it.

[ck4829]

25. It really shouldn't.

[Bucky]

14. RE RE ESTABLISHED ONCE AGAIN 2018

[GulfCoast66]

15. What do I want in my elected official?

Someone who will shut ratfucking businesses like this down once and for all. They are obviously rotten to the core.

[laserhaas]

17. Horrific stories out there - on what banks have done - Class Action in the Works

Link to tweet

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[tclambert]

19. Oh, well, as long as they're sorry it's OK.

[Blue_playwright]

20. Not to mention those of us caught up in it..

We were literally three months ahead on our mortgage and called about doing a refi as our lives/income had changed. They quoted shitty rates, we declined the new offer and somehow that triggered a foreclosure process. Several thousand people were hit, it was a computer glitch/program error. When we got served papers, I called and they had no record that they had foreclosed on us. Guy didn’t believe me that I had papers in my hand and a court date cause he showed I was more than current. Took months to figure out. It was finally dismissed but that filing will be on my credit report for five more years.

Oh...And the lawsuit settlement? We got $300. My legal fees were three times that. 🙄

[laserhaas]

21. Bittersweet justice

A lot of that going around.

Regained back the house...but Beto is in peril.

[Joe Chi Minh]

23. That paltry compensation was more criminal than Wells Fargo, who

should have been fined to beggary. They probably only exist because they were 'bailed out' by Joe and Jane Public. Or perhaps it was laundering drug money. Or both.

[rocktivity]

22. Here we go again

rocktivity

[ck4829]

24. Oops!

[NorCen_CT]

26. It may be time for someone to "accidentally" foreclose on Wells Fargo...

[laserhaas]

27. At least the option that is now avail.

Senator Warren wants the management change.

But the real thing is, Congress can Subpoena - now!

[Sunlei]

28. Wells Fargo should be FORCED to make those families 'whole again' .

Not just a new home, "make whole again" pay damages to cover & compensate for all the hell that goes along with a foreclosure.


In case people don't realize bank mortgage contract has a lot of reasons they can start foreclosure.

Like late twice, not having property insurance coverage, not paying yearly property tax on time, among many other things.

[laserhaas]

29. Concur!

No penalty - No justice