Years ago, regulations placed in the banking system and the recent settlement involving 49 state attorneys general, the Department of Justice and other federal entities were supposed to fix the banking system. Apparently, it still has some cracks, Wells Fargo employees told msnbc.com.
Legal process specialists at Wells Fargo in downtown Charlotte, N.C., get pressured to work on 10 or 11 files a day that the bank needs to seize thousands of homes each week lost to foreclosure, according to the article. Meeting such quotas makes it easy for mistakes to be made, which could result in families losing their homes, the workers told msnbc.com.
"These are mistakes that could cost someone their home," a Wells Fargo document preparer told msnbc.com.
Another Wells Fargo employee, a loan processor, echoed that sentiment to msnbc.com. "There was one file where they weren't even past due and they were in foreclosure status."
The bank's system is set up to catch errors, Michael DeVito, executive vice president of Wells Fargo’s Home Mortgage Default Servicing, told msnbc.com. "It's got redundant checks in it to ensure that the documents going out the door are accurate. And the process is built to help the team member build the personal knowledge they need."
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