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Wells Fargo: Mistake contributed to foreclosures

Wells Fargo: mistake contributed to foreclosures
REUTERS/Richard Carson

Numbers don't seem to be their strong suit. KSTP reports on the filing released Friday by Wells Fargo: "Wells Fargo says a company mistake contributed to hundreds of foreclosures because it miscalculated customers' eligibility for mortgage modifications. The bank said in a filing Friday the error caused about 625 customers to be denied, or not offered, loan modifications they otherwise qualified for. Foreclosures were completed in about 400 of the cases."

The only thing hot on Nicollet Mall. Paul Walsh at the Star Tribune has an update on the Nicollet Mall Marshalls fire: "A woman is wanted in connection with a fire that forced the closing of the Marshalls store in downtown Minneapolis last month and caused hundreds of thousands of dollars in damage, authorities said. … In-store video surveillance show the woman set a clothing rack ablaze during the couple of minutes she was inside, police said."

Nightmare scenario. AP is reporting the closing of Tempur Sealy's St. Paul plant: "Mattress maker Tempur Sealy International Inc. says it will close its St. Paul manufacturing plant in September, affecting about 100 workers. … Company spokesman Rick Maynard says the decision to close the plant was driven by the closure of a large customer’s nearby distribution center."

Minnesota’s largest Latino nonprofit gets bigger. Tiffany Bui at the Pioneer Press on the expansion of Comunidades Latinas Unidas en Servicio: "Comunidades Latinas Unidas en Servicio, or CLUES, recently began work on a 19,000-square-foot expansion to its headquarters. The expansion will make room for more community services in the East Side’s flourishing Latino district. 'The new space will allow our organization to move into more cultural engagement work that will provide the community social capital in advancing advocacy and social equity,' CLUES President Ruby Azurdia-Lee said."

In other news…

Video images released: “Maplewood police asking for help in catching mosque vandals” [Rochester Post Bulletin]

Passive/aggressive signage: “Signs shame drivers into stopping for pedestrians in St. Paul” [Star Tribune]

History lesson:The 'Greyhound bus' at the bottom of Lake Superior” [Duluth News Tribune]

Maybe add little 'bee crossing' signs: “Endangered bees caught in middle of plan to add mountain biking trails in Minnetonka” [Star Tribune]

Don't quit your day job:Cam Gordon makes, regrets bad joke about Minneapolis' 'good-looking' mayor” [City Pages]

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Comments (2)

Wells Fargo

An ordinary citizen would be doing time for 1/10 the fraud that this company has committed.

Wells Fargo

They made mistakes then how are they going to rectify the situation? Nothing is mentioned about this in the article. Someone should ask them about this. It is only right they should do something to compensate people. After all people lost their homes through their mistakes. This is so sad. Very sad about the fire at Marshall's. I was wondering what happened there.