Wells Fargo admits mistakes in 55K foreclosures

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Wells Fargo admits it made mistakes in 55,000 foreclosure cases and promises to fix them.

The San Francisco-based company says it is plans to refile the documents by mid-November. The company describes the mistakes as technical and says it sees no need to halt the foreclosure process.

“We don’t believe that there are instances in which the foreclosures would not have occurred otherwise,” says Teri Schrettenbrunner, a Wells Fargo spokeswoman.

The documents are being refiled in the 23 states where a judge’s approval is needed to complete a foreclosure.

Bank of America Corp. is scheduled to meet Thursday with state officials investigating allegations the bank rushed the foreclosure process without properly reviewing documents.

A person briefed on the matter confirmed the parties will have a preliminary discussion about issues related to the foreclosure documents. The person did not give details about the meeting or who will participate. The person who spoke on condition of anonymity was not authorized to speak.

A spokesman for the Charlotte N.C.-based lender could not be reached for comment. Bank of America resumed foreclosures this week after halting them temporarily to review and fix flawed documents.

Attorneys general in all 50 states and the District are jointly investigating whether paperwork and legal procedures were handled properly in hundreds of thousands of cases.

Bloomberg News reported earlier in the day that state attorneys general were scheduled to meet with lenders this week on the foreclosure-document probe and had conference calls with several lenders, also known as loan servicers.

Iowa Attorney General Tom Miller is leading the multistate probe. Geoff Greenwood, a spokesman for Miller, confirmed that a meeting is scheduled for Thursday. He declined to comment on which banks are expected to attend.

“We have begun the process of communicating,” with the industry, he said.

- Associated Press