February 4, 2009 |
Cries for post-bailout accountability resounded at the biggest banks Tuesday as Citigroup Inc. issued a 43-page defense of its lending, a consumer group lashed Bank of America Corp. for throwing a $10-million Super Bowl bash, and Wells Fargo & Co. canceled plans to fete its top mortgage salespeople in Las Vegas. The complaints raised questions likely to be asked more frequently as more government help for companies is doled out.
January 21, 2009 |
Few bank stocks showed the strength that Wells Fargo & Co. did in 2008. This year, few are faring worse than Wells. Shares of the San Francisco-based giant Tuesday plummeted $4.45, or 24%, to $14.23, an 11-year low. The stock is down 52% just since Dec. 31, compared with a 43% drop on average for big U.S. bank stocks. The selling accelerated Tuesday after Paul Miller, a veteran bank industry analyst at Friedman, Billings, Ramsey & Co. in Arlington, Va.
December 11, 2012 |
Accusing Wells Fargo & Co. of reneging on a sweeping mortgage-modification deal, a lawyer for troubled homeowners is trying to reopen a case involving risky "pick-a-pay" loans written during the housing bubble. Legal filings last week claimed Wells Fargo failed to provide wide-ranging reductions of loan balances to delinquent borrowers as it had promised two years ago when it settled a combined national class-action suit. A bank spokeswoman strongly disputed the claim, saying it was riddled with errors.
October 9, 2012 |
NEW YORK -- The U.S. attorney in Manhattan has accused Wells Fargo of defrauding a government-backed mortgage insurance program, in another major civil case brought in the wake of the housing bust and financial crisis. The mortgage-fraud suit, filed by U.S. attorney Preet Bharara, seeks "hundreds of millions of dollars" in damages for claims the U.S. Department of Housing and Urban Development has paid for defaulted loans "wrongfully certified" by Wells Fargo. The suit alleges the San Francisco banking giant falsely certified loans insured by the government's Federal Housing Administration.
July 13, 2012 |
Wells Fargo & Co. saw its profit jump 17% in the second quarter on strong loan and deposit growth. The San Francisco-based bank said it made $4.6 billion, or 82 cents a share, in the second quarter, up from $3.9 billion, or 70 cents, in the same period a year ago. “While the economic recovery remains uneven, we continued to meet our customers' financial needs and benefited from signs of stabilization in the housing market," John Stumpf, Wells'...
CALIFORNIA | LOCAL
July 27, 2013 |
About 70 anti-foreclosure activists gathered Saturday afternoon outside the San Marino home of Wells Fargo Chief Financial Officer Tim Sloan, testing a city law against political protest in residential areas that was enacted after a previous demonstration at the bank executive's house. Members of Occupy Fights Foreclosures and the nonprofit Alliance of Californians for Community Empowerment staged a circular picket line in the 1300 block of Woodstock Road for about an hour. The group dispersed quickly and without incident after San Marino police declared the assembly unlawful.