Wells Fargo and Company (WFC)

[z4lover]

Wells Fargo:'Government Entities' Probing Its Mortgage Lending
Friday 05/07/2010 6:59 PM ET - Dow Jones News

By Marshall Eckblad
Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- Wells Fargo & Co. (WFC) said Friday in a regulatory filing that "certain government entities are conducting investigations into the mortgage lending practices of various Wells Fargo entities."
The San Francisco bank didn't say which government agencies are looking into its practices of issuing home loans, but it did say the investigations are looking into "whether borrowers were steered to more costly mortgage products."
The bank said in the filing that it plans to "cooperate fully with these investigations." A spokeswoman for Wells Fargo said the bank wouldn't comment beyond the information in the filing.
Wells Fargo has faced multiple lawsuits over its lending practices from local governments, including Baltimore and Memphis, and some are pending.

-By Marshall Eckblad, Dow Jones Newswires; 212-416-2156; [e-mail]

(END) Dow Jones Newswires
05-07-10 1859ET
Copyright (c) 2010 Dow Jones & Company, Inc.