Wells Fargo and B of A Admits Foreclosure Mistakes
Cited: Reuters/Daily News
OnOctober 28, Wells Fargo admitted it made mistakes in the paperwork of thousands of foreclosures and promised to fix them. According to the Wall Street Journal, Bank of America Corp found mistakes in foreclosure files as it began a review of 102,000 cases.
Wells Fargo, a San Francisco-based bank, said it plans to refile documents in 55,000 of the cases by mid-November. The company said not all those cases included errors but didn’t say how many thousands did.
Wells Fargo described the mistakes as technical and said it has no plans to halt the foreclosure process, though filing new paperwork will cause some delays.
“We don’t believe that there are instances in which the foreclosures would not have occurred otherwise,” said Teri Schrettenbrunner, a Wells Fargo spokeswoman. The documents are being refiled in the 23 states where a judge’s approval is needed to complete a foreclosure.
Wells Fargo & Co.’s CEO, John Stumpf, has declined to join Bank of America Corp., Ally Financial Inc.’s GMAC Mortgage and other banks in suspending foreclosures because of flawed paperwork that surfaced at several large banks.
On a conference call with investors this month, Stumpf said the bank is “confident that our practices, procedures and documentation” are accurate.
Depositions of two Wells Fargo employees have called the company’s foreclosure practices into question. A Fort Mill, S.C.-based Wells employee said in a deposition taken last March that she signed between 300 and 500 foreclosure documents per day,
In another deposition taken in May, another Wells employee said he verified only the dates on up to 150 foreclosure documents he signed daily and relied on co-workers to ensure that other information was correct.
Bank of America is scheduled to meet October 28 with state officials investigating allegations the bank rushed the foreclosure process without properly reviewing documents.
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A person briefed on the matter confirmed the parties will have a preliminary discussion about issues related to the foreclosure documents. The person did not give details about the meeting or who will participate. The person, who spoke on condition of anonymity, was not authorized to speak publicly.
Bank of America, based in Charlotte, N.C., said in a statement: “We have been cooperating with the attorneys general and continue to have dialogue and share information with these important stakeholders.”
The bank resumed foreclosures this week after halting them temporarily to resubmit documents with a new process designed to correct any mistakes such as misspelled names or incorrect numbers.
Attorneys general in all 50 states and the District of Columbia are jointly investigating whether paperwork and legal procedures were handled properly in hundreds of thousands of cases.
On October 24, it was reported that Bank of America found errors in 10-25 out of the first several hundred foreclosure cases it reviewed, the newspaper said in its electronic edition.
The problems included improper paperwork, lack of signatures and missing files, as well as cases in which information about the property and payment history being unmatched, the newspaper said.
The bank has not found any evidence of wrongful foreclosures, the newspaper said.
The bank found the errors while reviewing less than 1% of 102,000 foreclosure files that need review before going back to the courts in 23 states, the newspaper said.
All 50 U.S. states have started a joint investigation of the mortgage industry, focusing on allegations that, for years, banks have not reviewed documents properly or have submitted false statements to evict delinquent borrowers.
Bloomberg News reported earlier in the day that state attorneys general were scheduled to meet with lenders this week on the foreclosure-document probe and had conference calls with several lenders, also known as loan servicers.
Iowa Attorney General Tom Miller is leading the multistate probe. Geoff Greenwood, a spokesman for Miller, confirmed that a meeting is scheduled for Thursday. He declined to comment on which banks are expected to attend.
Besides state regulators, banking regulators including the Federal Reserve are examining whether mortgage companies cut corners on their own procedures when they moved to foreclose on people’s homes.
Despite the problems, the Obama administration maintains there is no need to halt foreclosures in all 50 states.
On Wednesday, Phyllis Caldwell, chief of the Treasury Department’s homeownership preservation office, told a financial bailout watchdog panel that there was no evidence of risk to the financial system from the documents scandal - or from efforts by mortgage investors to force banks to buy back problem loans.
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My Take: I am amazed! The bank actually admitted they made a mistake and a big one. I wonder how many home buyers got caught up in that mess. I know that there are a lot of Arizona foreclosures right now and they predict more to come. I also wonder how many newly constructed home buyers got caught up in a mess as well. For those I would recommend getting Colorado construction attorneys to fight it.
If we’re successful in purchasing our first home, it will be a foreclosure and I feel sorry for the people that previously owned because they lost home. People shouldn’t have to be worrying about whether they’re going to lose their homes. This time a year they should be worrying about Christmas gifts and prom dresses. Well, it might be a little early for homecoming dresses, but they shouldn’t have to worry about their home.
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