After Bank of America Corp (NYSE: BAC), JPMorgan Chase & Co. (NYSE: JPM) and Ally Financial have temporarily halted foreclosures in a number of states, many are wondering whether or not Wells Fargo & Co. (NYSE: WFC) and Citigroup, Inc (NYSE: C) will join their competitors in halting foreclosures.
Wells Fargo issued a statement on Friday saying that it has avoided the mistakes that its competitors have made and that it ensures all foreclosure affidavits that its employees make are accurate.
Specifically, Wells Fargo’s statement said, “Wells Fargo policies, procedures and practices satisfy us that the affidavits we sign are accurate. We audit, monitor and review our affidavits under controlled standards on a daily basis. We will stand by our affidavits and, if we find an error, we will take the appropriate corrective action. As a standard business practice we continually review, reinforce and strengthen our policies and procedures.”
Wells Fargo & Company is a diversified financial services company. The Company provides retail, commercial and corporate banking services through banking stores located in 39 states and the District of Columbia. It provides other financial services, through subsidiaries engaged in various businesses, principally wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing and venture capital investment. The Company operates in three segments: Community Banking, Wholesale Banking, and Wealth, Brokerage and Retirement. As of December 31, 2009, the Company provided banking, insurance, investments, mortgage and consumer finance from more than 10,000 stores under various types of ownership and leasehold agreements.
Shares of Wells Fargo & Co. (NYSE: WFC) traded up 1.77% during mid-day trading on Monday.
