Wells Fargo (WFC: 25.75 -0.62%) will submit 55,000 supplemental affidavits for pending foreclosures in 23 judicial states, according to a company statement Wednesday.
Since Ally Financial (GJM: 22.11 -0.05%), JPMorgan Chase (JPM: 37.54 +0.91%) and Bank of America (BAC: 11.54 +2.12%) suspended foreclosures in those states after admitting employees signed affidavits without reviewing documentation or having a notary present, Wells Fargo and other banks began their reviews.
Wells strongly stood by its foreclosure processes, and the company still believes "it has designed an appropriate process for the generation of foreclosure affidavits" and the submitted signatures are cautionary steps.
"Out of abundance of caution and to provide an additional level of assurance regarding its processes, the company is electing to submit supplemental affidavits for approximately 55,000 foreclosures which are pending before courts in 23 judicial foreclosure states," according to the statement.
Read on.
Also this from Bloomberg:
Wells Fargo & Co., conceding that some foreclosure affidavits “did not strictly adhere to the required procedures,” said it will file supplemental statements to courts in about 55,000 proceedings…..
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