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Stock impact report

Wells Fargo accidentally foreclosed on hundreds of homeowners [CNBC]

Wells Fargo & Company (WFC) 
Last wells fargo & company earnings: 4/14 07:46 am Check Earnings Report
US:NYSE Investor Relations: wellsfargo.com/about/investor-relations
Company Research Source: CNBC
Getty Images A pedestrian walks by a Wells Fargo home mortgage office in San Francisco. Nearly 400 Wells Fargo customers lost their homes when they were accidentally foreclosed on after a software glitch denied them the ability to modify their mortgages as they sought federal aid, the bank disclosed in a regulatory filing late Friday. The bank apologized and has set aside $8 million to compensate those affected by the glitch, which occurred from 2010 to 2015. During the course of an internal review, we determined that an automated calculation error may have affected the decision on whether or not to offer or approve some mortgage modifications between April 13, 2010 and Oct. 20, 2015, when the error was corrected, Tom Goyda , senior vice president of Wells Fargo said in a statement to the Business Times. We're very sorry that this error occurred and are providing remediation to the approximately 625 customers who may have been impacted. Wells Show less Read more
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