Wells Fargo Ups Improper Foreclosure Count, Suspends Some Fees
(Bloomberg) -- Wells Fargo & Co. improperly foreclosed on 545 customers after wrongly denying them mortgage loan modifications, up from the 400 borrowers the company disclosed in August.
- The bank also suspended fees on some wealth-management assets and accounts after finding “instances of incorrect fees.” The bank had previously said this was a problem area.
- As Wells Fargo digs deeper into its past misdeeds, the bank continues to add to the number of consumers affected. Three months ago, the San Francisco-based company said it improperly denied mortgage loan modifications to 625 customers, a number that increased to 870 in Tuesday’s filing.
- The lender is facing myriad regulatory probes and conducting its own internal reviews after a series of consumer scandals erupted in September 2016 with the revelation that it opened accounts for as many as 3.5 million customers who didn’t want them.
- The latest disclosures demonstrate that Chief Executive Officer Tim Sloan still has work to do to move Wells Fargo past the scandals after taking the top job two years ago.
- Read the company’s filing here.
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