Hundreds of homeowners in the US lost their homes because of a computer crash

A computer glitch at Wells Fargo led to hundreds of people being evicted from their mortgaged homes. Due to the error, approximately 625 customers were denied or not offered a loan renegotiation they were originally entitled to. The houses of about 400 clients were foreclosed on - the bank considered the people insolvent.

Фото: Depositphotos

Clients used federal programs that helped families at risk of being left without homes. A spokesman for Tom Goyda said that the bank does not have a documentary breakdown by settlement, where incidents with foreclosure occurred, writes CBS News.

The error in the bank's guarantee instruments continued from 2010 until it was corrected at the end of 2015. This isn't the first scandal involving Wells Fargo—two years ago, the bank said it created 2,1 million accounts and credit cards without customers' consent.

The bank was also fined for allegedly charging excessive student loan fees, and earlier this month agreed to pay 2,1 a billion US dollars for its role in selling mortgage loans in anticipation of the financial crisis.

Representatives of the bank said that Wells Fargo allocated 8 million dollars to help affected customers in the current year.

Recall that six months ago Wells Fargo admitted that he provoked the 2008 crisis of the year by his actions.. The bank is one of the last remaining large banks that settled the amount of the fine due to its role in the mortgage lending crisis. He has to pay $ 2 billion dollars in fines for actions that provoked the 2008 financial crisis of the year.

The government blamed Wells Fargo and many other large banks for underestimating mortgage loans at the height of the housing bubble from 2005 to 2007. Investors bought tens of billions of dollars in mortgage loans from Wells Fargo and other banks, and experienced significant losses when borrowers could not pay off the mortgage, and housing prices collapsed all over the country.

The Justice Department said that Wells Fargo, in violation of its own rules, sold at least 73 500 mortgage loans, knowing that the people who took out the mortgage were insufficiently paying, as a result investors lost billions of dollars.

“In this settlement, Wells Fargo is responsible for the actions that contributed to the financial crisis,” said Acting Attorney General Jesse Panuccio in a statement.

Representatives of Wells Fargo said that “the bank is happy to reserve these old problems,” and the money to pay for the fine at the bank was prepared in advance.

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