Industry NewsMortgage

Wells Fargo, BofA refiling affidavits

Ohio AG says loan servicers 'sweeping problems under the rug'
Published on Oct 28, 2010

Wells Fargo Home Mortgage will submit supplemental affidavits in about 55,000 pending foreclosures in 23 judicial foreclosure states, saying final reviews of the documents and some aspects of the notarization process did not adhere to company procedures.Wells Fargo said it was acting "out of an abundance of caution," and that the issues identified were unrelated to quality of the customer and loan data.Company officials said in a statement they don't believe "that any of these instances led to foreclosures which should not have otherwise occurred," and the company does not plan to institute a moratorium on foreclosure sales. Wells Fargo hopes to complete the process of submitting supplemental affidavits by mid-November.At least five other loan servicers -- Bank of America, GMAC Mortgage, JP Morgan Chase, PNC Financial Services Group Inc. and Litton Loan Servicing -- are reviewing foreclosure filings in 23 states where courts have jurisdiction over the foreclosure pr...

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