Tag Archives: Wells Fargo

According to a new report from the OCC, there were many lessons learned through the agency’s supervision of Wells Fargo during recent controversy. Failure to respond timely to known issues, ineffective communication, and unclear records were just a few of the problems cited. The agency is currently working to address all weaknesses identified.

Following an independent investigation of its sales practices, Wells Fargo has reclaimed $75 million from its former CEO, John Stumpf, and Head of Community Banking, Carrie Tolstedt. This brings the organization’s total executive compensation actions up to $180 million. The organization has also named replacements for Stumpf and Tolstedt and implemented several other changes.

A New York federal judge said that Wells Fargo must face litigation seeking to hold the bank accountable for billions of dollars in claimed investor losses as trustee of residential mortgage-backed securities, saying the investor funds more than met the pleading the standard. The plaintiffs, including BlackRock Inc, Pacific Investment Management Co, Prudential Financial Inc, and TIAA-CREF, can pursue breach of contract and conflict of interest claims related to 53 trusts, said U.S. District Judge Katherine Polk Failla.

Wells Fargo announced an agreement in principal to settle a class action lawsuit, regarding claims that Wells Fargo opened accounts without the consent of its customers. This comes on the heels of the announcement of the bank's Community Reinvestment Act Rating (CRA), in which it received high scores, despite an overall score of "needs improvement."

The class action lawsuit settled on Wednesday charged NovaStar, RBS, Wells Fargo, and Deutsche Bank with misleading investors into believing the securities they bought were safer than they proved to be.

Kroll Bond Rating Agency released an extensive report on mortgage servicing rights, giving a glimpse into the mortgage books of top servicers such as Wells Fargo, Citigroup, JPMorgan, Bank of America, and Ocwen.

Wells Fargo looks to spur the demographic that was hardest hit during the housing crisis.

According to the CFPB’s recent monthly report, mortgage-related complaints are stagnant—though they’re still one of the most complained-about financial products in the country.

The recent rise in mortgage interest rates has taken a cut from the mortgage banking lines of three of the largest banks, but the news was not all negative.

Bank of America, JPMorgan Chase, PNC, and Wells Fargo posted solid revenues to end 2016, though net income was down for two of them, according to the banks' latest earnings reports. How did mortgage income fare at these institutions?