Wells Fargo will not join BofA in foreclosure suspension
Wells Fargo (WFC) will not suspend foreclosures and stands by the accuracy of its affidavits, Jason Menke, a spokesman for the San Francisco-based bank, told HousingWire. Ally Financial (GJM), JPMorgan Chase (JPM) and Bank of America (BAC) suspended foreclosures when it came to light employees signed foreclosure affidavits without verifying loan information or other documents without a notary present, now known as robo-signing. BofA announced a nationwide foreclosure suspension Friday. "Wells Fargo is not planning to initiate a moratorium on foreclosures. Our affidavit procedures and daily auditing demonstrate that our foreclosure affidavits are accurate," Menke said. "As a standard business practice, we continually review and reinforce our policies and procedures. If we find an error or if an improvement is needed, we take action." On Oct. 1, Wells said it did not have the same procedural problems causing suspensions in other banks. Wells Fargo is the second largest servicer in the country, behind only Bank of America. A case contesting Wells Fargo foreclosures surfaced in recent weeks, referencing possible robo-signers at Wells. But the judge in that case reviewed the bank's procedures and documents and dismissed the case. Seven of every 10 homeowners have avoided foreclosure through the bank's various programs, and as of the second quarter 92% of first-and second-mortgage holders were current on their loans. "Wells Fargo works hard to do all that is possible to keep homeowners in their homes. We work with our borrowers to find an alternative to foreclosure where possible," Menke said. Write to Jon Prior.