Wells Fargo is a well-known banking giant that holds the mortgages of many people in their hands. Now, at least 545 of those people are without homes. Why? Wells Fargo says a computer glitch in their systems was to blame. The banking giant filed paperwork with the Securities and Exchange Commission last month showing they incorrectly denied 870 loan modification requests. Sixty percent of those 870 loans fell into foreclosure and the homeowners lost their homes.
One of the homeowners affected was Jose Aguilar who had fallen on hard times and Wells Fargo suggested a loan modification. Aguilar went through the motions as anyone would but the process dragged on for a very long time. Eventually, he was so far behind that foreclosure hit him and his family lost their home.
The pain of losing their home three years ago resurfaced for the Aguilar family when they received a letter from Wells Fargo.
“Dear Jose Aguilar,” it read, “We made a mistake… we’re sorry.” It said the decision on his loan modification was based “on a faulty calculation” and his loan “should have been” approved.
“It’s just like, ‘Are you serious? Are you kidding me?’ Like they destroyed my kids’ life and my life, and now you want me to – ‘We’re sorry?'” Aguilar said.
The banking giant has attempted to make amends with some of the affected homeowners by giving them checks for $25,000USD but as Aguilar’s attorney says, that doesn’t even begin to cover the family’s losses.
Wells Fargo declined to do an on-camera interview. The company could not say how much money it expects to pay out in remediation to customers. But Aguilar said it’s not just about money.
“I want Wells Fargo to know that there’s people out there with feelings and families that try hard to pay their bills and survive. We’re real people, we’re not just money,” Aguilar said.
The company says it does plan on working with all the customers affected to reach a resolution with them. But that may not be enough for customers and legislators pushing for more answers.
Last Updated on February 3, 2021.