Wells Fargo acknowledged yesterday that, because of a calculation error, it had improperly foreclosed on 545 distressed homeowners after they asked for help with their mortgages, the Washington Post reported. Overall, 870 homeowners were denied help for which they qualified — with more than half losing their homes afterward, Wells Fargo said. The acknowledgment is sure to increase pressure on the San Francisco-based bank, which has been struggling to repair its image after a series of missteps. Wells Fargo said an internal review found the bank had denied help to hundreds of homeowners after fees charged by foreclosure attorneys were improperly used when the bank determined whom to offer mortgage help. The problem began in 2010 and was not corrected until last April, the bank said.
