Wells Fargo is blaming a computer glitch for more than 400 customers losing their homes between 2010 and 2015.
The bank revealed in regulatory filings last week that the technological error resulted in 625 customers being denied loan modifications, and about 400 costumers having their houses foreclosed on, CNN Money reported on Friday.
The filing says the bank has set aside $8 million to compensate the affected customers, it added.
Wells Fargo apologized for the error and said in a statement that it is “providing remediation” to customers whose mortgages were affected, according to CNN. – READ MORE
[divider][/divider]The Seattle City Council voted last year to stop doing business with Wells Fargo because the bank funds the Dakota Access Pipeline, but the city may have gotten ahead of itself.
According to KUOW-FM, the city couldn’t find another bank and now will have to sign on for another three years with Wells Fargo.
“The reality is, none wanted to participate and bid for our services, and given the time it takes to shift to a new service, we felt it was prudent for the city to move forward,” City Finance Director Glen Lee said.
In February 2017, the Seattle City Council voted unanimously to cut ties with Wells Fargo. The city cited Wells Fargo’s role in the Dakota Access Pipeline project, as well as the scandal over the bank opening accounts without customer knowledge as reasons for the move.
The move was celebrated at the time, and attendees at the city council meeting stood and cheered when the vote was complete. – READ MORE
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