Remember everybody including the White House says there is no systematic problem with the mortgage industry. Wells Fargo is apparently not cooperating with the narrative

From MSNBC Real Estate

Wells Fargo admitted Wednesday it made mistakes in the paperwork for thousands of foreclosure cases and promised to fix them.

The San Francisco-based bank said it plans to refile documents in 55,000 of the cases by mid-November. The company said not all those cases included errors but didn’t say how many thousands did.

Wells Fargo described the mistakes as technical and said it has no plans to halt the foreclosure process, though filing new paperwork will cause some delays.

“We don’t believe that there are instances in which the foreclosures would not have occurred otherwise,” said Teri Schrettenbrunner, a Wells Fargo spokeswoman. The documents are being refiled in the 23 states where a judge’s approval is needed to complete a foreclosure.

I guess there isn’t any real problem. Oh! and they think so too – (from further down in the article) –

On a conference call with investors this month, Stumpf said the bank is “confident that our practices, procedures and documentation” are accurate.

Well, that’s reassuring. Except for those, well, 55,000 mistakes, they’re accurate.

I teach. By their standards, not only did all my students pass with A’s, they passed and got full credit for all the classes meeting nearby. They may have passed courses in other dimensions and forms of reality.

I hate to tell them this, but 55,000 mistakes is a lot of mistakes! Further, it doesn’t make claims that A) “We don’t believe that there are instances in which the foreclosures would not have occurred otherwise,” and B) “the bank is confident that our practices, procedures and documentation are accurate,” sound very convincing.

It’s kind of like a married man being caught with another woman. He didn’t really cheat except for those 55,000 times. Both he and Wells Fargo want you to know that it isn’t that big a deal.

James Pilant