Wells Fargo partially blames a computer glitch for an error that cost approximately 545 people their homes.
The bank told the Securities and Exchange Commission it incorrectly denied 870 requests to modify loans over an eight-year period, and roughly 60 percent of those homeowners ended up in foreclosure, according to CBS News.
Now, regulators want to know how it happened.
Some of the affected homeowners have since gotten checks from Wells Fargo, but at least one attorney tells CBS News the money doesn't even begin to cover what these people lost.
The bank said no to an on-camera interview with CBS News but said it planned to work toward helping the customers who lost their homes and would be offering no-cost mediation.
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