Items Tagged with 'Wells Fargo Mortgage'

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  • Wells Fargo CEO Tim Sloan abruptly steps down

    Retiring in June, but relinquishing post immediately
    Just over two weeks ago, Wells Fargo CEO Tim Sloan was subjected to a four-hour beating at the hands of Congress over the bank’s recent bevy of scandals, but Congress no longer has Sloan to beat up on. Wells Fargo announced Thursday that the embattled Sloan is relinquishing his post as CEO and president of the megabank and stepping down immediately.
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  • Wells Fargo to pay $13 million to settle claims of improperly modifying bankrupt borrowers’ mortgages

    Lawsuit accused bank of improperly filing mortgage payment change notices
    Wells Fargo will pay more than $13 million to settle a pending class-action lawsuit that accused the bank of “improperly” modifying the mortgages of borrowers who had declared bankruptcy. The complaint alleged that the bank engaged in “fraud, violations of bankruptcy rules and laws, and unfair and deceptive trade practices” by “improperly and unilaterally” modifying the mortgages of the bankrupt borrowers.
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  • Wells Fargo apologizes (again), says widespread outage is nearly fixed

    Bank provides update on online, mobile banking outage
    Whether it was over fake accounts opened in customers’ names, unnecessary foreclosures caused by a software error, allegedly lying about its subprime lending activities in the run-up to the housing crisis, or a number of other issues, Wells Fargo has done a lot of apologizing in the last few years. And now, the bank is issuing another apology after its online and mobile banking systems were knocked offline for much of the day Thursday.
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  • Wells Fargo suffers widespread outage of online, mobile banking

    Says “system issues” are caused by smoke at bank facility
    Wells Fargo’s online and mobile banking systems are offline and inaccessible to many of the bank’s customers and have been for much of the day so far. A quick review of social media finds thousands of the bank's customers complaining that they cannot get access to their Wells Fargo banking information, use their debit cards, or pay their mortgages.
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  • Wells Fargo to pay $17 million to Illinois pension funds over crisis-era mortgage bonds

    Brings state’s total recovery to more than $500 million
    Wells Fargo will pay more than $17 million to a series of Illinois pension funds after settling with the state over the bank’s “misconduct in its marketing and sale of risky residential mortgage-backed securities leading up to the 2008 economic collapse,” Illinois Attorney General Lisa Madigan announced this week.
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  • Wells Fargo eliminating 900 mortgage jobs

    Cutting approximately 1,000 positions overall
    A few months ago, Wells Fargo revealed that it is planning to cut as many as 26,500 of its employees over the next few years as the bank works to reorganize itself amid the shifting landscape surrounding the financial services industry. And now, the first of those cuts are hitting home, right in the mortgage division.
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  • Wells Fargo reveals software error led to hundreds of faulty foreclosures

    Internal review shows more modifications were improperly denied due to software error
    Earlier this year, Wells Fargo revealed that a software error in its mortgage underwriting system led to hundreds of unnecessary foreclosures, but now it appears the problem is even bigger than the troubled bank first thought. Wells Fargo revealed Tuesday that the problem actually affected hundreds of additional borrowers.
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  • Wells Fargo commits $1.6 billion to help revitalize Washington, D.C.

    Pledges more mortgages, small business lending, community lending
    Aiming to aid in the revitalization of the nation's capital, Wells Fargo announced Tuesday that it is committing more than $1.6 billion in lending and philanthropy in Washington, D.C., over five years. Through the program, Wells Fargo will triple its community giving and "concentrate resources on the biggest needs identified by community leaders," including affordable housing, small businesses, and job skills.
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