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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.

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