Wells Fargo: No halt to foreclosures (Mark Calvey)

Oct. 8, 2010 (San Francisco Business Times) -- Wells Fargo said Friday it has no plans to adopt a foreclosure moratorium despite Bank of America’s decision today to halt all foreclosures.

“Wells Fargo is not planning to initiate a moratorium on foreclosures. Our affidavit procedures and daily auditing demonstrate that our foreclosure affidavits are accurate,” said Wells Fargo spokesman Chris Hammond. “As a standard business practice, we continually review and reinforce our policies and procedures. If we find an error or if an improvement is needed, we take action.”

Wells and other major lenders are under growing political pressure to put the brakes on foreclosures. This week, North Carolina Attorney General Roy Cooper publicly called on Wells and 14 other lenders to halt home seizures.

Senate Banking Committee Chairman Christopher Dodd said Friday that he will hold a hearing on Nov. 16 to investigate allegations of improper and fraudulent mortgage servicing and foreclosure proceedings.

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