Despite the reported admission of a Wells Fargo & Co. executive that he didn’t personally verify information on foreclosure documents, the company is standing by its affdavits.
On Sunday, the Associated Press reported that Wells Fargo Vice President Herman John Kennerty testified during a May deposition that he relied on co-workers to ensure information on up to 150 foreclosure documents a day was correct, and he verified only the dates. The case involves a Washington borrower.
The report follows decisions by Bank of America Corp., GMAC Mortgage LLC and JPMorgan Chase & Co. to suspend foreclosures in 23 states that require judicial foreclosures.
But the San Francisco-based company is standing by its affidavits.
“Wells Fargo policies, procedures and practices satisfy us that the affidavits we sign are accurate,” a spokesman said in a statement in response to question by Mortgage Daily about whether it planned to suspend foreclosures in 23 states. “We audit, monitor and review our affidavits under controlled standards on a daily basis.
“We will stand by our affidavits and, if we find an error, we will take the appropriate corrective action.”
