Finance titan Wells Fargo admitted in regulatory filings this week that a software glitch had resulted in some 625 customers incorrectly being denied or not offered mortgage modifications, with approximately 400 of them subsequently losing their homes.
News of the glitch was first reported by Reuters, which noted it was just one facet of “numerous regulatory penalties, private lawsuits and remediation efforts” Wells Fargo is currently facing down including government probes involving multiple federal agencies into how it acquired low-income housing credits.
Read more at Gizmodo.
