Wells Fargo exec checked only date on foreclosure docs

WASHINGTON -- A Wells Fargo executive has acknowledged that he verified only the dates on up to 150 foreclosure documents he signed daily.


The executive made his admission in a May deposition involving a Washington state homeowner. He said he relied on co-workers to ensure that other information in the documents was correct.

Three other lenders, Ally Financial Inc.'s GMAC Mortgage unit, Bank of America Corp. and JPMorgan Chase & Co. have halted tens of thousands of foreclosures after similar practices became public.

Wells Fargo & Co. is confident that foreclosure documents involving the bank are accurate, and it has no plans to halt foreclosures, said Vickee Adams, a spokeswoman for the San Francisco-based bank. She noted that the Washington homeowner's case was dismissed.



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