Wells Fargo Admits to Thousands of Foreclosure Errors

Wells Fargo foreclosuresSan Francisco, California based Wells Fargo admitted today that it made paperwork mistakes in thousands of mortgage foreclosure cases, but promised to fix the errors. The bank said it will be refiling 55,000 of the cases by mid-November, but declined to comment on exactly how many of these cases contained errors.

Wells Fargo representatives said that most all the foreclosures would definitely had occurred whether or not the paperwork was processed incorrectly as foreclosures arise when people simply stop paying the mortgage. In many cases, residents have continued living in their houses for a year or more without paying the monthly mortgage loan.

Wells Fargo & Co.’s CEO, John Stumpf recently said during a conference call that the bank is “confident that our practices, procedures and documentation” are accurate.

Attorney  generals in all fifty states  are currently jointly investigating whether paperwork and legal procedures were handled properly in hundreds of thousands of foreclosure cases across the nation. Bank of America, Ally Financial Inc.’s GMAC Mortgage and other banks are have been cited for preparing shoddy and possibly fraudulent paperwork to make their foreclosure process quicker and easier.


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