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

A state lawmaker who is one of two doctors in the Oklahoma Legislature is insisting that unaccompanied immigrant minors being housed at Fort Sill be quarantined. Do you think those kinds of measures should be taken?

A. Yes.
B. No.
     View Results
Facebook
Twitter Updates
Follow us on twitter
NDN Video
Disabled Veterans Memorial Nearing Completion Last Mass Lynching in U.S. Remains Unsolved Home-sharing Programs Help Seniors Ex-NYC Mayor: US Should Allow Flights to Israel Clinton: "AIDS-Free Generation Within Our Reach" Judge Ponders Overturning Colo. Gay Marriage Ban Airlines Halt Travel to Israel Amid Violence NYPD Chief Calls for 'use of Force' Retraining VA Nominee McDonald Goes Before Congress Bush: Don't Worry, Sugarland Isn't Breaking Up US Official: Most Migrant Children to Be Removed Police Probing Brooklyn Bridge Flag Switch CDC Head Concerned About a Post-antibiotic Era Raw: First Lady Says `Drink Up' More Water Courts Conflicted Over Healthcare Law Holder Urges Bipartisanship on Immigration Raw: Truck, Train Crash Leads to Fireball US Airlines Cancel Israel Flights Obama Signs Workforce Training Law Crash Victims' Remains Reach Ukraine-held City