Wachovia's Loan Bug: Computer Software

October 8, 2009 at 6:15 am PT

Because of a computer glitch, many struggling mortgage borrowers at the former Wachovia Corp. (WB) can’t even ask Uncle Sam for a loan modification.

“This loan is blowing up on me, and I’m trying to keep my house,” Richard Bell, a 50-year-old publishing executive who lives in Poway, Calif., told an employee of the Wells Fargo & Co. (WFC) unit over the phone earlier this week. The employee responded that Wachovia’s computer systems aren’t set up to handle certain applications for loan modifications under the Obama administration’s $75 billion foreclosure-prevention plan.

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