Borrowers Seek Final Approval Of $22M Add-On In Wells Fargo Foreclosure Suit

Mealey's (January 6, 2022, 1:52 PM EST) -- SAN FRANCISCO — A judge should grant final approval of a nearly $22 million supplemental class action settlement for a nationwide class of borrowers who allege that they were denied loan modifications under the Home Affordable Modification Program (HAMP) by Wells Fargo Bank NA as a result of an algorithmic error in its software but were not part of an original list of borrowers provided by Wells Fargo as part of an $18.5 million settlement reached in 2020, because the settlement is fair, reasonable and adequate and will provide add-on class members with “significant payments,” class representatives say in a proposed order filed Jan. 3 in California federal court....