Wells Fargo foreclosures will not be suspended despite robo-signing
Wells Fargo & Co. has no plans to halt foreclosures despite an employee’s testimony that she engaged in robo-signing up to 500 foreclosure documents per day.
Wells has not stopped foreclosures and says it has discovered no problems in the legal documents used to process them. The company said earlier in the week that it would review pending foreclosures for potential defects.
“Our affidavit procedures and daily auditing demonstrate that our foreclosure affidavits are accurate,” Wells Fargo said in a statement. The bank said it released the statement in response to media inquiries.
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“As always, as a standard business practice, we continually review and reinforce our policies and procedures. This includes conducting additional reviews before loans go to foreclosure sale,” Wells Fargo said late Tuesday. “If we find an error or if an improvement is needed, we take action. We are satisfied that our foreclosure affidavit process is sound.”
The deposition of the Wells Fargo employee, obtained by the Associated Press, was reported earlier by the Financial Times. It’s the second piece of testimony that suggests Wells engaged in similar practices that have led other banks to halt foreclosures.
In another deposition taken in May, a Wells employee named Herman John Kennerty said he verified only the dates on up to 150 foreclosure documents he signed daily and relied on co-workers to ensure that other information in the documents was correct.
Other companies including Ally Financial Inc.’s GMAC Mortgage unit, Bank of America Corp. and JPMorgan Chase & Co. have halted tens of thousands of foreclosures after similar practices became public.
The growing questions about foreclosure documents could cause thousands of homeowners to contest foreclosures that are in the works or completed. But analysts say most homeowners facing foreclosure are still likely to lose their homes.
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Source: http://abcnews.go.com/Business/wireStory?id=11883892
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