About
Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:Maryland AG v. Wells Fargo & Company
On June 15, 2020, the Maryland Attorney General entered into a $20 million settlement with Wells Fargo & Company. Case # 2016-0833.
The Consent Order resolves claims that Wells Fargo misled investors in its issuance of residential mortgage-backed securities (RMBS). Between January 1, 2005 and January 1, 2009, Wells Fargo issued 119 RMBS, the majority containing prime mortgages, with some consisting of Alt-A and subprime mortgage loans. As an issuer, Wells Fargo was required to disclose complete and accurate information about the loans backing its securities. But through two channels, Wells Fargo received information that its disclosures were inaccurate with respect to certain loans.
According to the Consent Order while Wells Fargo did not securitize the loans identified by due diligence, they did not search their mortgage pools to identify and remove other non-complying loans, nor did they revise their disclosures to note that some loans did not meet origination criteria.
Wells Fargo shall pay a total amount of $20,000,000 to the State of Maryland to resolve potential legal claims in connection with the Investigation.
About This Business
Products and Services
Business Details
- Local BBB:
- Golden Gate Better Business Bureau
- BBB File Opened:
- 11/9/1978
- Business Started:
- 1/1/1852
- Business Started Locally:
- 1/1/1852
- Business Incorporated:
- 4/14/1999
- Type of Entity:
- Corporation
- Alternate Names:
- Wells Fargo Dealer Services
- Wells Fargo Guard Services
- Wells Fargo Bank
- Wells Fargo Card Services
- Wells Fargo Financial
- Wachovia
- Wells Fargo Insurance
- Wells Fargo Merchant Services
- Number of Employees:
- 275000
Additional Contact Information
- Fax numbers
- Primary Fax: (415) 975-7745
- Additional Phone Numbers
- Other Phone: (866) 878-5865
Licensing information
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
BBB records show a license number of 1512 for this business, issued by Department of Business Oversight
Department of Business Oversight
1515 K Street, Suite 200
Sacramento CA 95814
BBB records show a license number of 1512 for this business, issued by Department of Business Oversight
Department of Business Oversight
1515 K Street, Suite 200
Sacramento CA 95814
Additional Information
- Business Categories
- Bank, Financial Services, Currency Exchange, Money Orders
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