Crisis

Wells Fargo Admits Foreclosure Lapses

Will file supplemental statements in 55,000 proceedings.

Wells Fargo & Co. admitted Wednesday that the bank had some lapses in its foreclosure proceedings, and vowed to provide supplemental statements to courts in some 55,000 cases. Despite other high-profile problems in home seizures by Bank of American and JP Morgan Chase, Wells Fargo has continued with foreclosures. The bank said in a statement that the lapses identified “do not relate in any way to the quality of the customer and loan data,” although officials did admit they found in a review that some foreclosure affidavits “did not strictly adhere to the required procedures.” The bank will be begin filling the supplemental statements in 23 states, and hope to have them completed by mid-November. One-hundred-sixty employees in four offices are working on the review process.