The Briefing Room

General Category => Economy/Business => Topic started by: kevindavis007 on August 06, 2018, 12:04:36 pm

Title: Wells Fargo says mistake led to hundreds of foreclosures
Post by: kevindavis007 on August 06, 2018, 12:04:36 pm

CHARLOTTE, N.C. (AP) — Wells Fargo says a company mistake contributed to hundreds of foreclosures because it miscalculated customers' eligibility for mortgage modifications.

The bank said in a filing Friday the error caused about 625 customers to be denied, or not offered, loan modifications they otherwise qualified for. Foreclosures were completed in about 400 cases.

The customers had been using federal programs that helped families at risk of losing homes. A spokesman didn't immediately respond to a question about where the foreclosures were.

The error in the bank's underwriting tool lasted from 2010 until it was fixed in late 2015, an internal review found.

Read More: https://www.yahoo.com/news/wells-fargo-says-mistake-led-154209343.html (https://www.yahoo.com/news/wells-fargo-says-mistake-led-154209343.html)
Title: Re: Wells Fargo says mistake led to hundreds of foreclosures
Post by: Sanguine on August 06, 2018, 02:33:21 pm
Why would anyone still do business with them?
Title: Re: Wells Fargo says mistake led to hundreds of foreclosures
Post by: kevindavis007 on August 06, 2018, 02:42:23 pm
Quote from: Sanguine on August 06, 2018, 02:33:21 pm
Why would anyone still do business with them?


I don't know why either. I happen to be an customer of Wells (not by choice Washington Mutual sold our account).
Title: Re: Wells Fargo says mistake led to hundreds of foreclosures
Post by: GtHawk on August 06, 2018, 11:00:24 pm
Quote from: Sanguine on August 06, 2018, 02:33:21 pm
Why would anyone still do business with them?
For us, Fargo kept buying every institution we moved to and then bought our mortgage. When we were in deep financial distress due to unemployment and disability they jacked us around on the closing of our home, almost lost us the sale and cost us quite a bit of extra interest fees which somehow, incredibly, benefited Fargo. Cue Gomer Pyle!
Title: Re: Wells Fargo says mistake led to hundreds of foreclosures
Post by: truth_seeker on August 06, 2018, 11:24:01 pm
Some of the financial firms' top management should have been skinned alive, slowly in public.


They knew darn well about "liar Loans," and surely knew if it blew up, they would just walk away with Millions$

They did.
Title: Re: Wells Fargo says mistake led to hundreds of foreclosures
Post by: libertybele on August 10, 2018, 01:29:29 pm
Seems to me that they should be heavily fined and the $$ given to those in foreclosure AND they should dish out additional monies to fix the credit of those affected.
Title: Re: Wells Fargo says mistake led to hundreds of foreclosures
Post by: kevindavis007 on August 10, 2018, 01:31:25 pm
Quote from: libertybele on August 10, 2018, 01:29:29 pm
Seems to me that they should be heavily fined and the $$ given to those in foreclosure AND they should dish out additional monies to fix the credit of those affected.


Out of all Banks that I dealt with, I wish this bank would go out of business.
Title: Re: Wells Fargo says mistake led to hundreds of foreclosures
Post by: DCPatriot on August 10, 2018, 01:51:38 pm
Quote from: truth_seeker on August 06, 2018, 11:24:01 pm
Some of the financial firms' top management should have been skinned alive, slowly in public.


They knew darn well about "liar Loans," and surely knew if it blew up, they would just walk away with Millions$

They did.

Talk about "trickle down" here too..., the money poured in right down to the loan officer taking the application.

Let's say, the daily ZERO POINT quote for a $5M 'bundle' for mortgages was 4.125%

Any approved loan package with an annual yield back to the investor greater than 4.250% is picking the pockets of the applicant.

A buyer who 'knows' he's lying on the loan application, figuring he'll be getting 'income' from renting bedrooms and basements, doesn't give a damn if he's paying 5.5% on the loan, instead of said 4.25%

Successful, popular loan officers were all driving Mercedes and Bimmers back then.