Wells Fargo Boosts Excess Legal Costs to $1.7 Billion on Mortgage Probes |
| Bloomberg - May 6, 2011 |
Wells Fargo & Co. (WFC), the nation’s biggest home lender, raised its estimate of potential excess legal expenses by 42 percent to a maximum of $1.7 billion as the bank prepares for new costs tied to its mortgage practices.
The revised estimate as of March 31 was disclosed today in the San Francisco-based lender’s quarterly report to securities regulators. Wells Fargo had pegged the cost at $1.2 billion as of year-end.
Attorneys general in 50 states are investigating mortgage servicing and foreclosures at the nation’s biggest banks, and Wells Fargo was among lenders that have signed consent orders with federal regulators designed to curb any abuses. The bank said regulators could still seek civil penalties from the investigation while other agencies, including the Department of Justice, continue to scrutinize its operations.
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- Posted: 2011-05-06 11:37:27
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