Foreclosure Files Detail Error Gap

When the nation’s biggest lenders made their reports about any mistakes they made in their foreclosure process to government regulators, it turned out that they actually made much larger errors than was previously disclosed.

Banks varied quite widely in their error rate, according to information that was recently reported in the Wall Street Journal. The error rate was set at 4.2 percent initially, but Office of the Comptroller of the Currency officials noted that the rate was closer to 6.5 percent, after reviewing the banks’ files. It turned out that Wells Fargo had errors in more than 11 percent of its files, with Bank of America having 9 percent. These problems should have resulted in increased compensation to the wronged homeowners, the report said. The initial errors in the report seemed to have occurred because J.P. Morgan Chase had a much smaller error rate, which skewed the results for all the other banks when averaged together.

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