Wells Seeks to Keep Mortgage License
- Share via
Wells Fargo & Co. asked a federal court to block California from pulling its home loan license, saying it doesn’t need a state license because it operates under federal rules.
The court should prohibit the state from examining Wells Fargo’s home loan portfolio, stripping its license and forcing it to repay customers’ interest charges, the San Francisco-based bank said in an amended complaint filed in U.S. District Court in Sacramento.
The California Department of Corporations wants to take Wells Fargo’s mortgage license because it said it found the bank overcharged borrowers and didn’t provide adequate disclosure to consumers in a sampling of loans it reviewed last year.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
