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Wells Fargo says hundreds of customers lost homes after computer glitch

Published: August 5, 2018
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Source: CNN

<i>Wells Fargo Marquee Sign by <a href='https://www.flickr.com/photos/jeepersmedia/'>Mike Mozart</a> on <a href='https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiDlLSDpdbcAhUHCKwKHdMdCm0Qjhx6BAgBEAM&url=https%3A%2F%2Fwww.flickr.com%2Fphotos%2Fjeepersmedia%2F13754115715&psig=AOvVaw1BlRlASiSKbP-c0VRmOylr&ust=1533571437223092'>Flickr</a></i>
Wells Fargo Marquee Sign by Mike Mozart on Flickr

 

Hundreds of people had their homes foreclosed on after software used by Wells Fargo incorrectly denied them mortgage modifications.

The embattled bank revealed the issue in a regulatory filing this week and said it has set aside $8 million to compensate customers affected by the glitch.

The same filing also disclosed that Wells Fargo (WFC) is facing "formal or informal inquiries or investigations" from unnamed government agencies over how the company purchased federal low-income housing tax credits. The document states the probes are linked to "the financing of low income housing developments," but does not offer further details.

Reuters first reported news of investigations and mishandled mortgage modifications on Friday.

Wells Fargo said the computer error affected "certain accounts" that were undergoing the foreclosure process between April 2010 and October 2015, when the issue was corrected.

About 625 customers were incorrectly denied a loan modification or were not offered one even though they were qualified, according to the filing. In about 400 cases, the customers were ultimately foreclosed upon.

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