A computer glitch at Wells Fargo WFC, +0.10% may have caused more than 400 people to lose their homes, the company admitted on Friday.
Between April 2010 and October 2015, a malfunctioning Wells Fargo tool miscalculated whether homeowners would qualify for a federally-backed program to modify mortgage payments and keep their homes.
As a result, 625 qualified customers were denied a loan modification, causing at least 400 to lose their homes. A spokesman for Wells Fargo said the people whose homes were lost after being denied a modification may have been foreclosed on regardless.
Because of an error @WellsFargo made, 400 of its customers lost their homes. What’s the bank doing to make it right? Setting aside a few thousand dollars for each of the people affected. Pathetic. The execs who oversaw this – including CEO Tim Sloan – should be fired. https://t.co/dqlp3Py6IS
— Elizabeth Warren (@SenWarren) August 6, 2018
