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The legislation would let banks postpone the start date of the Current Expected Credit Losses accounting standard and delay categorizing pandemic-related loan modifications as troubled debt restructurings.
Information during housing bubble, created millions of fake accounts, hit customers with unfair mortgage fees and federal reserve capped assets over consumer abuse, that's pretty lengthy list there you have from wells fargo. do you know what the company has done to make this right for those 600 plus individuals that this happened to? >> so they are working on it right now in wells fargo, right now they've issued or are issuing $8 million to help remediate this issue for the people that did lost their -- lose their homes when they were applying for the loan modifications, let's say you go to re...
Counterpart in another meeting in singapore on saturday, amid tough words on both sides. the house plays down reports that it could be another trump summit. >> there is nothing scheduled, we've exchanged letters between president trump and kim jong un. >> it is now confirmed that there will be a reunion of families from north and south korea later this month, another can pledge and hopefully more results to come. >> shannon: thank you very much. wells fargo says a company mistake contributed to hundreds of foreclosures because it miscalculated customers eligibility for mortgage modifications. ...
Not as many as there used to be. the other thing that concerns me, steve, a lot of loan modifications are maturing this year. that means their payments are going to double. there has been increase notice of default in las vegas. that concerns me. so, there is going to be some problems. but, overall, i think, if the mortgage rates stay okay, i think we will be all right. that's another thing we have to watch for are the interest rates. steve: all right. we will. bob massi, vegas. >> take care. steve: two top republican congressman demanding a special second counsel over fisa abuses. is it going...
Are certain things that were in the press, and the most troubling loan we had was actually to the octo-mom. we worked very hard. that was a terrible situation. we worked very, very hard to move her to another home that they could afford. but i can assure you that as chairman of the bank, i took these issues very seriously. it's not to say we didn't have certain mistakes. there were mistakes. we regret those mistakes. as i mentioned, we had hundreds of thousands of delinquent loans. and just as an aside, when you talk about loan modifications, banks are highly incented to do loan modifications....