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Banksters: Wells Fargo computer glitch blamed as hundreds lose their homes

Published: December 6, 2018
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Source: CBS

<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

 

Wells Fargo says a computer glitch is partly to blame for an error affecting an estimated 545 customers who lost their homes. The giant bank filed papers with the Securities and Exchange Commission last month, revealing it incorrectly denied 870 loan modification requests. About 60 percent of those homeowners went into foreclosure.

Legislators, housing advocates, regulators and most importantly, the people who lost their homes – people like Jose Aguilar – are asking how this happened.

"It's been very hard for me. It's something I wouldn't wish upon anybody," Aguilar told CBS News correspondent Anna Werner.
 
These days, Aguilar can only drive by the home he and his family lost to foreclosure three years ago, the small ranch house in upstate New York where they wanted to raise their children.

"I used to look there and see how many times my kids and I used to run up and down, ride our bikes," Aguilar said.

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