$18.5M Wells Fargo Foreclosure Deal Gets Initial Nod

Law360, San Francisco (April 16, 2020, 5:10 PM EDT) -- A California federal judge said Thursday he intends to grant preliminary approval to an $18.5 million deal between Wells Fargo Bank and over 500 eligible mortgage borrowers nationwide who claim they were wrongly denied loan modifications due to the bank's computer error and ultimately lost their homes to foreclosure.

But U.S. District Judge William Alsup sought clarification and assurance during a telephone hearing Thursday that the settlement would not prevent other borrowers from bringing claims that their loan modification requests were denied for other reasons.

Judge Alsup's concerns related to additional mortgage lending lawsuits pending against the bank. The bank faces other...

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