The Joplin Globe, Joplin, MO

Business

May 8, 2012

Wells Fargo could face fines over mortgage practices

LOS ANGELES — Federal authorities have advised Wells Fargo & Co. that they may seek damages and fines for alleged discrimination in mortgage lending.

In a Securities and Exchange Commission filing Tuesday, the San Francisco bank disclosed the latest development in an ongoing investigation.

“The Department of Justice has advised Wells Fargo that it believes it can bring claims against Wells Fargo for monetary damages and civil penalties under fair lending laws,” the bank said in its 10-Q quarterly filing.

“We believe such claims should not be brought and continue seeking to demonstrate to the Department of Justice our compliance with fair lending laws.”

Wells Fargo has long been among the largest mortgage lenders and emerged in the first quarter as the overwhelming leader, with 34 percent market share compared to under 11 percent for runner-up JPMorgan Chase & Co.

The government also are investigating whether Wells Fargo misled investors about its mortgage bonds.

 

1
Text Only
Business
Poll

Given that the U.S. Supreme Court has ruled that electronic devices and communications are protected from searches and seizure without a warrant, do you think Missouri needs Amendment 9 added to its constitution?

A. Yes.
B. No.
     View Results
Facebook
Twitter Updates
Follow us on twitter
NDN Video
Two Women Narrowly Avoid Being Hit by Train In Virginia, the Rise of a New Space Coast New Sanctions on Key Sectors of Russian Economy Crayola Announces Family Attraction in Orlando US Ready to Slap New Sanctions on Russia Kerry: Not Worried About Israeli Criticism Boater Rescued From Edge of Kentucky Dam Girl Struck by Plane on Florida Beach Dies Rodents Rampant in Gardens Around Louvre House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming Traditional African Dishes Teach Healthy Eating