Wells Fargo finally admits it has a paperwork problem

It took them too long to admit the problem existed so why should anyone believe them now when they say it's still not a problem?

Who really believes what the banks have to say?

Wells Fargo, the nation's largest U.S. home lender, on Wednesday acknowledged mistakes in the preparation of documents for foreclosures, after denying for weeks that it was affected by the problems that forced other major lenders to temporarily freeze foreclosures.

The company said in a statement that in some cases foreclosure affidavits "did not strictly adhere to the required procedures." It said that it has begun submitting supplemental affidavits for 55,000 foreclosures that are pending in 23 states. Wells Fargo said it expects the process to be completed by mid-November.

"The issues the company has identified do not relate in any way to the quality of the customer and loan data; nor does the company believe that any of these instances led to foreclosures which should not have otherwise occurred," the company said in a statement.