November 21, 2024 9:44 pm
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Borrowers win appeal vs Wells Fargo, can bring lawsuit over mortgages

wells_fargoAdam O’Daniel | Charlotte Business Journal

A federal appeals court has opened the door for distressed homeowners to bring a class-action lawsuit against Wells Fargo & Co. (NYSE: WFC).

Reuters reports that Wells Fargo can be sued by homeowners that were denied mortgage modifications by the bank as part of the government’s Making Home Affordable Modification Program (HAMP). Borrowers argue they were qualified for a modification and made payments during a trial period but were rejected by the San Francisco-based bank.

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