Wells Fargo Says It Foreclosed on Hundreds of Homes After a Computer Glitch
“Wells Fargo disclosed in a regulatory filing on Friday that 400 customers had their homes foreclosed upon after the bank incorrectly denied or neglected to offer them loan modifications because of a computer glitch, Reuters reports. The company said it erroneously withheld the modifications from approximately 625 customers between 2010 and 2015. Wells Fargo has set aside $8 million to compensate the customers. In addition, the company revealed that several government agencies are investigating the bank’s use of low-income housing tax credits. The specific agencies are not named in the filing.”