Wells Fargo blames "computer glitch" for its improper foreclosure on 545 homes

According to Wells Fargo, a 'computer glitch' caused the improper denial of 870 loan modification requests, which led to 545 foreclosures in which Wells Fargo customers lost their homes; the bank is now offering those former homeowners -- some of whom saw the breakup of their marriages as the result of the stress of foreclosure -- insultingly small sums, like $25,000.

America is in the grips of a foreclosure epidemic on a scale never seen in this country; Donald Trump's Secretary of the Treasury was a pioneer in dirty mass-evictions based on fraudulent documents; ironically, people who live in high-foreclosure states were more likely to vote for Trump.

Wells Fargo is America's biggest bank, and has committed a string of frauds affecting millions of Americans, leading to the collapse of small businesses, credit delinquencies, the 'improper repossession' (that is, theft) of their customers' cars (including cars belonging to US military service members stationed overseas), and more.

Then in September this year, nearly three years later, he got a letter from Wells Fargo. 'Dear Jose Aguilar,' it read, 'We made a mistake… we're sorry.' It said the decision on his loan modification was based 'on a faulty calculation' and his loan 'should have been' approved.

'It's just like, 'Are you serious? Are you kidding me?' Like they destroyed my kids' life and my life, and now you want me to – 'We're sorry?'' Aguilar said.

Wells Fargo now said that 'calculation error' on loan modifications affected 870 customers over an eight year period, customers who either were denied loan modifications or 'were not offered a modification in cases where they would have otherwise qualified.' About 545 of those customers ultimately lost their homes to foreclosure.

At least some of those people got a check from Wells Fargo along with the letter. In Aguilar's case, it was for $25,000. But his attorney Marc Dann said that doesn't begin to cover his total losses.


Wells Fargo computer glitch blamed as hundreds lose their homes [CBS News]