The error may have pushed hundreds of vulnerable families into home foreclosure, though the bank says there’s not a clear «cause and effect» relationship
Wells Fargo disclosed in its latest corporate quarterly report (pdf) to the U.S. Security and Exchange Commission that it erroneously denied mortgage loan modifications or did not offer loan modifications to approximately 625 customers who were indeed eligible for them under various government-backed loan programs. Furthermore, some 400 of those affected customers eventually lost their homes to foreclosure.
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