June 6, 2013 |
Wells Fargo has agreed to spend at least $42 million to settle allegations that it neglected the maintenance and marketing of foreclosed homes in black and Latino neighborhoods across the country, the National Fair Housing Alliance announced Thursday. A year-long investigation by the advocacy group found that homes serviced by Wells Fargo in minority communities were far more likely than those in white areas to be left in disrepair, with broken windows, unkempt yards or water damage.
April 23, 2009 |
Wells Fargo yesterday showed the potentially dramatic impact of the recent loosening of accounting rules as it reported a first-quarter profit of $3.05 billion. The San Francisco company said the accounting change, which has generated controversy, allowed it to increase capital reserves by more than $4 billion. The increase could make a critical difference in the federal government's evaluation of the company's ability to withstand a deepening recession, accounting experts said. "This makes them look a lot healthier...
January 29, 2009 |
Wells Fargo, which became the largest bank in the Washington area with its deal for Wachovia at the end of the year, said yesterday that it lost $2.55 billion in the fourth quarter even before buying the troubled company. Wells Fargo said Wachovia lost an additional $11.2 billion during its final three months. The numbers completed a dismal series of fourth-quarter reports from the nation's largest banks. And like its peers, Wells Fargo said the worst might still lie ahead as the economy sours.
July 24, 2011 |
A former Wells Fargo wealth manager in the District says the company forced her out for reporting her boss's questionable investments, alleged securities violations and suspected insider trading. Pamela S. Bolanis, 36, who was the senior vice president of investments in the Sargent Investment Group of Wells Fargo Advisors, filed a whistle-blower complaint with the Labor Department alleging her supervisor, Christopher Sargent, fired her in May for cooperating with Wells Fargo in an investigation of him. ...
April 4, 2011 |
The NAACP and Wells Fargo opened a financial literacy center in the District on Monday, a project that stemmed from the settlement of a lawsuit that accused the lending giant of steering black borrowers into subprime mortgages. The NAACP withdrew its lawsuit last April, after the bank agreed to help develop programs to improve African Americans' access to high-quality loans and protect minorities against predatory loans. The San Francisco-based Wells Fargo will also donate $2.5 million annually for the...
January 12, 2010 |
Behind long white curtains at the Baltimore Convention Center on Monday, Wells Fargo loan specialists huddled with distressed homeowners. There, Kerry Pollock found help with his mortgage after a two-hour drive from Manassas. Pollock fell behind on his payments last year after being unemployed for more than two months while waiting to start work on a government contract. The lapse threatened his security clearance, which allows him to train Army soldiers on electronic warfare, and forced him to dip into his retirement...