In a recent regulatory filing, Wells Fargo disclosed that between 2010 and 2015, they foreclosed on 400 homeowners after improperly denying them loan modifications that could have allowed them to stay in their homes.
1. According to the article, how did this happen?
2. How do they plan to compensate these people?
3. Do you think this is fair? Why or why not?
4. How was this problem found?
5. What customer problems has Wells Fargo had in the past?
Koren, J.R. (2018). Wells Fargo foreclosed on 400 people who may have had a chance to keep their homes. L.A. Times, Aug. 3 (Retrievable online at http://www.latimes.com/business/la-fi-wells-fargo-foreclosures-20180803-story.html)