Moody's reviews Wells Fargo servicer rating after foreclosure fix
Moody's Investors Service placed Wells Fargo's (WFC) servicer rating up for review a day after the bank said it would resubmit 55,000 foreclosure affidavits in 23 states. The rating agency did the same for Ally Financial (GJM), Bank of America (BAC) and JPMorgan Chase (JPM) after those banks suspended foreclosures to refile affidavits. Moody's has yet to take action on those banks. During the review Moody's will determine any irregularities to the Wells Fargo foreclosure and REO timelines. It will also oversee the servicer's quality control processes and the its foreclosure document execution department. The bank currently holds a SQ1 primary servicer rating for both prime and subprime mortgages, the highest rating under Moody's system. Wells Fargo said the move to replace the affidavits was a cautionary one and would be completed by the middle of November. Write to Jon Prior.