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Did Wells Fargo Also Improperly Adjust Mortgages?

Author: PYMNTS / Source:

As Wells Fargo is trying to turn the corner on a scandal in its consumer banking segment that came to light a little under a year ago, it seems a new set of troubles are coming down the pipeline — this time in relation to the bank’s mortgage lending division.

Reports in The New York Times indicate officials in the mortgage lending unit were making unauthorized changes to home loans held by customers in bankruptcy.

A class action lawsuit for the alleged victims of the loan modifications contends that consumers were surprised to find out their monthly loan payments had gone down — which they didn’t mind — and to learn that the terms of their loans had been extended greatly…

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