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WF sets aside 8 mill to compensate Modification denials

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Wells Fargo said the computer error affected "certain accounts" that were undergoing the foreclosure process between April 2010 and October 2015, when the issue was corrected.

About 625 customers were incorrectly denied a loan modification or were not offered one even though they were qualified, according to the filing. In about 400 cases, the customers were ultimately foreclosed upon.

The embattled bank revealed the issue in a regulatory filing this week and said it has set aside $8 million to compensate customers affected by the glitch.

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Not huge numbers and not feeling much sympathy.


Only way I see the former homeowners prevailing and seeing much in the way of damages if is they can conclusively demonstrate that they would STILL be in a position to have afforded the modified mortgage.  With the small numbers in play here, my guess is they would not meet that burden.


625 across five and a half years is simply not enough to be worked up about.  The reality is the whole modification program was designed to allow people to keep stuff they should have never been approved for in the first place...

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Well Sorry there but  I didn't post it for "your opinion",  this isn't the GDF. 


I posted it as information  -;


as in any CB'r who was on this particular forum who had a WF modification denial during those years 



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