SEC Says Wells Fargo Stonewalling Its $60B MBS Probe

Law360, New York (March 23, 2012, 7:38 PM EDT) -- An impatient U.S. Securities and Exchange Commission accused Wells Fargo & Co. on Friday of ignoring document requests in its probe of whether the bank duped investors about nearly $60 billion in risky mortgage-backed securities.

The SEC launched an enforcement action Friday in California federal court demanding that Wells Fargo comply with six subpoenas issued between September and February seeking information about the bank’s sale of residential mortgage-backed securities. The agency has been investigating since November 2010 whether the bank lied about the quality of loans...
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