• Search:



The Chief Officers' Network - your business advantage / Research / BizNewsSelect / Financial Services / General Financial Sector News / Baltimore Court's decision allows Wells Fargo to set record straight




Baltimore Court's decision allows Wells Fargo to set record straight

Des Moines, Iowa, United States, 2 July 2009 (www.biznewsselect.com) Judge Benson Legg of the Maryland Federal District Court announced today the Court’s intention to move forward to the next stage of litigation, discovery and further motion practice, in the City of Baltimore’s lawsuit. The Court’s decision is a common next step in the lengthy legal process, and simply means additional information will be gathered.




Most Recent - Whole Site

Business crime: from the "yeah, right" department
F1: 2010 starts in style
F1: Friday Practice for Bahrain GP shows consistent spread from top to bottom
Taxation: Last day to file on-line UK / Offshore Account disclosure and pay any tax due
Business Strategies: what do you do with an incalculable surplus of cash?

Most Recent - BizNewsSelect

The Society of Anti Money Laundering Professionals: launch of Accredited Training Course Provider scheme
The Society of Anti Money Laundering Professionals launches new membership class
Quick To Learn More expands and updates content units
Hong Kong's latest foreign currency reserve assets figures released
International reserves of BNM as at 31 December 2009

Most Recent - BankingInsuranceSecurities.Com

FIs closed: LibertyPointe Bank, New York, USA
FIs closed: Old Southern Bank, Orlando, Florida
FIs closed: Statewide Bank, Covington, Louisiana, USA
FIs closed: The Park Avenue Bank, New York, USA
Private Banking: HSBC embarrassed by data security breach in Swiss unit
 

"We continue to believe that this lawsuit lacks merit,” said Cara Heiden, co-president of Wells Fargo Home Mortgage. “We welcome the opportunity to set the record straight and demonstrate the many controls we have in place to ensure fair, responsible, and nondiscriminatory lending for all our customers.”

While the City claims Wells Fargo is responsible for its many revenue-related problems, it also cites in the lawsuit that less than 1 percent of Baltimore’s 33,000 foreclosures were associated with Wells Fargo. During the same period of time, the company made USD3.5 billion in mortgage loans most of which were prime loans.

"We have responsibly made homeownership possible for Baltimore borrowers using the many controls we have in place to ensure race is not a factor in the pricing and products we offer,” said Heiden. “Our long-term commitment to the Baltimore market – which remains steadfast – includes supporting its communities by continuing to lend responsibly and working hard to keep people in their homes.”

About Wells Fargo

Wells Fargo Home Mortgage is the nation’s leading mortgage lender and services one of every six mortgage loans in the nation. A division of Wells Fargo Bank, N.A., it has a national presence in mortgage stores and banking stores, and also serves the home financing needs of customers nationwide through its call centers, Internet presence and third-party production channels.

Bookmark and Share





loading