California judge certifies class in Wells Fargo loan modification cases

  • This week U.S. District Judge Vince Chhabria certified a class of 11,000 California plaintiffs in two lawsuits against Wells Fargo and denied the bank's motion to seal evidence.
  • The lawsuits center on Wells Fargo's failure to uphold its end of the bargain in participating in the government's Home Affordable Modification Program.
  • The plaintiffs include many homeowners who struggled to make their mortgage payments during the housing crisis and allege they were misled throughout the loan modification process.

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A federal judge has certified a class of California homeowners in two lawsuits alleging that mortgage lender Wells Fargo Bank failed to meet its obligations to struggling borrowers who sought to modify their home loans.