How A Technical Glitch at Wells Fargo Led to Foreclosures

first_img August 6, 2018 713 Views On Friday, Wells Fargo admitted that a computer error, which led to miscalculations left 400 people losing their homes to foreclosure. According to the bank’s quarterly filing to the SEC, the error caused more than 600 customers to be denied or not being offered loan modifications despite being qualified for them, leading to foreclosures for around 400 borrowers.According to its filing, Wells Fargo said that the bank could be subject to “consent orders and settlement agreements with federal and state regulators for alleged servicing issues and practices.”The bank said that regulatory actions, in this case, could include providing customers with a loan modification, refinancing relief as well as foreclosure prevention and action. It said that its mortgage-based liability stood at $179 million at the end of Q2 2018 and it had recorded a provision of $2 million due to loan sales, which decreased net gains on mortgage loan origination and sales activities compared with “a release of $39 million in second quarter 2017.””We incurred net losses on repurchased loans and investor reimbursements totaling $4 million in the second quarter 2018 and $5 million in second quarter 2017,” Wells Fargo said in the filings.The filing came days after Wells Fargo agreed to pay a fine of more than $2 billion to the Department of Justice (DOJ) for allegedly misrepresenting the quality of loans used in residential mortgage-backed securities (RMBS). The settlement came in the form of a penalty after allegations that it originated and sold residential mortgage loans that it knew did not meet the standard the bank represented. This allegedly caused investors, including federally insured financial institutions, billions in losses due to investing in these RMBSs which contained loans originated by Wells Fargo, according to a statement by the DOJ.Read more about Wells Fargo’s settlement with the Department of Justice:Why Wells Fargo Agreed to Pay a $2B Penalty How A Technical Glitch at Wells Fargo Led to Foreclosures in Daily Dose, Featured, News, Servicingcenter_img DOJ Foreclosures Investors Loan Modifcation mortgage RMBS Wells Fargo 2018-08-06 Radhika Ojha Sharelast_img read more

TEMPE Ariz — Arizona Cardinals rookie safety Deo

first_imgTEMPE, Ariz. — Arizona Cardinals rookie safety Deone Bucannon has all of the physical tools necessary to be successful on the field in the NFL. The Cardinals’ first-round draft pick also knows that doesn’t mean anything when it comes to playing at football’s highest level. “Everyone out here has the physical tools to be a great player; it’s just a matter of who’s going to be smarter,” Bucannon said Tuesday after the team’s first minicamp practice. “That’s my goal, to be the smartest player out there. I want to learn the playbook the best I can.” The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Bucannon has plenty of experience with what it takes to be successful on the football field. He was named a first-team All-American and first-team All-Pac-12 in his final season at Washington State, and he led the conference in both interceptions and tackles. But the 6-foot-1, 208-pounder didn’t rack up those stats purely through physical ability — though he has plenty of that, too. Bucannon said he prides himself on being one of the smartest players on the field, and that’s something he expects to continue into his NFL career. “There’s always room for improvement,” he said. “I understand the defense, now I want to take it to the next level. I want to be a playmaker.”Cardinals coach Bruce Arians said Bucannon took an important step Tuesday after missing time with a foot injury during OTAs last week, adding that “he needs it, psychologically, just to get out there to play.”Bucannon’s knowledge of the game and ability to quickly understand schemes and concepts hasn’t gone unnoticed on teammates — particularly ones he’ll share a defensive backfield with. “He can do it all,” safety Rashad Johnson said. “He’s a very smart guy and I’m looking forward to what he’s going to do this year.” Top Stories Former Cardinals kicker Phil Dawson retires Derrick Hall satisfied with D-backs’ buying and selling Comments   Share   Grace expects Greinke trade to have emotional impact And if Bucannon has his way, Johnson will have a lot to enjoy watching in 2014. “I expect a lot out of myself,” Bucannon said, “and I’m going to get a lot out of myself.” – / 11last_img read more