Reuters: Financial Services and Real Estate: UPDATE 1-Wells Fargo says it may face fair lending claims

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Wells Fargo says it may face fair lending claims May 8th 2012, 14:02 Tue May 8, 2012 10:02am EDT * Filing: U.S. Justice Department could assess penalties May 8 (Reuters) - The U.S. Department of Justice believes it has grounds to bring claims against Wells Fargo & Co for monetary damages and civil penalties under fair lending laws, the bank said in a securities filing on Tuesday. The fourth-largest U.S. bank said it believes such claims should not be brought and it is seeking to show the department that it is in compliance with fair lending laws, the filing said. The investigation involves possible violations related to mortgage origination practices, the filing said. A bank spokeswoman declined to comment. San Francisco-based Wells Fargo is the largest servicer and originator of home loans in the United States. Government agencies also continue to investigate whether Wells Fargo properly disclosed risks related to mortgage-backed securities in offering documents for investors, according to the filing. In February, Wells said it had received notice that it may face an enforcement action from the Securities and Exchange Commission.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions