Testimony won't stop foreclosures at Wells Fargo
WASHINGTON (AP) - October 15, 2010 -- Wells Fargo says it won't halt foreclosures despite an employee's testimony that she signed up to 500 foreclosure documents daily without reading them.
The employee of the San Francisco bank said in a deposition taken last March that she signed between 300 and 500 foreclosure documents per day, verifying only her name and title.
Such practices have been called into question by attorneys general in 50 states. They have accused mortgage companies of violating state laws.
Wells Fargo spokeswoman Vickee Adams said the bank's records show that its foreclosure affidavits are accurate, and that when its employees don't follow procedure it takes corrective action.
The deposition, obtained by the Associated Press, was reported earlier by the Financial Times.
wells fargo, business/finance
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