Wells Fargo Finally Comes Clean; Backpeddles On Initial Denials Of Faulty Paperwork, Now Acknowledges Errors In 55,000 Foreclosure Actions

The Washington Post reports:

• Wells Fargo, which has stood by its foreclosure paperwork for weeks(1) as other major lenders discovered errors and halted sales, conceded Wednesday it had discovered some flaws in its documents as well. The latest acknowledgement of problems from one of the nation's biggest lenders points out that the failure to scrupulously check legal documents before foreclosing on delinquent homeowners has been widespread in the industry.

• Wells Fargo said it is submitting additional affidavits for roughly 55,000 foreclosures pending in 23 states, but said it does not have any plans to halt foreclosure sales.

For more, see Wells Fargo acknowledges problems in foreclosure paperwork.

(1) See, e.g., ProPublica: Wells Fargo Case Belies Claim It Always Verifies Mortgage Paperwork:

• The new deposition is from the Chapter 13 bankruptcy case of Texas residents Frederico and Herelinda Guevara. In the deposition, a Wells Fargo employee named Tamara Savery said she twice submitted documents to the court about who owned the Guevaras’ loan without personally researching or reviewing the underlying documents. She said she relied on the “expertise of others” when signing the legal paperwork.