Wells Fargo Faces Tax Credit Probes, New Problems with Mortgage Borrowers
Reuters, Aug. 3, 2018–Lauren Tara LaCapra, Pete Schroeder
The $8 million accrual is intended for roughly 625 borrowers who should have qualified for a loan modification under a program the Treasury Department set up in 2009 to help Americans who were struggling to make mortgage payments. An error in Wells Fargo’s underwriting tool improperly excluded those borrowers, 400 of whom eventually had their homes foreclosed upon, the bank said.
