March 1, 2011 > Wells Fargo could face penalties on foreclosures
Wells Fargo could face penalties on foreclosures
Submitted By AP Wire Service
NEW YORK (AP), Feb 25 - Wells Fargo & Co. says that it is being investigated by several government agencies for its foreclosure practices and is likely to face enforcement actions.
In a filing with the Securities and Exchange Commission on Friday, the San Francisco based bank said the investigations focus on whether the bank violated fair-lending laws and whether it followed proper procedures with its foreclosure affidavits. The company noted that the enforcement actions could include monetary penalties.
In addition, the company said seven class-action and several individual-borrower actions have been filed against it.
The actions generally claim that the bank submitted fraudulent affidavits or other documents to foreclose on homes.