Wells Fargo could be penalized for foreclosure practices - KWWL - Eastern Iowa Breaking News, Weather, Closings

Wells Fargo could be penalized for foreclosure practices

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NEW YORK (AP) -- Wells Fargo & Co. is being investigated by several government agencies for its foreclosure practices and is likely to face enforcement actions.

In a filing with the Securities and Exchange Commission on Friday, the San Francisco based bank said the investigations focus on whether the bank violated fair-lending laws and if it followed proper procedures with its foreclosure affidavits.  The company noted that the enforcement actions could include fines.

In addition, the company said seven class-action and several individual-borrower actions have been filed against it.  The actions generally claim that the bank submitted fraudulent affidavits or other documents to foreclose on homes.

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