Wells Fargo Investigated for Failing to Disclose Securities Risks

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Posted To: MND NewsWire

Reuters is reporting that the federal government is investigating Wells Fargo & Company for its mortgage-related practices including the originating and packaging of home loans by its Wachovia unit. The information comes from the bank's third quarter securities filing. According to the bank, it may face federal enforcement action related to mortgage-backed securities deals leading up to the financial crisis, specifically whether it properly disclosed the risks associated with the securities in documents offering them for sale. Government investigators are also apparently looking at whether Wells Fargo complied with applicable laws, regulations, and documentation required for mortgage originations and securitizations including those originated at Wachovia which Wells Fargo acquired when...(read more)

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