Fines Likely From Foreclosure Probe: Wells Fargo

Law360, New York (February 25, 2011, 8:52 PM EST) -- Wells Fargo NA said Friday that it likely will face regulatory action and possible fines in connection with its foreclosure practices.

Several government agencies are investigating the bank's mortgage practices, the bank said in its annual report.

The investigations relate to whether the bank has adequate procedures in place surrounding mortgage foreclosure affidavits, chain-of-title documents and other mortgage papers, it said.

“With regard to the investigations into foreclosure practices, it is likely that one or more of the government agencies will initiate some type of enforcement...
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