Wells Fargo & Co. does not plan to 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-based 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 has not halted foreclosures and says it has discovered no problems in the legal documents used to process them. The company said earlier in the week that it would review pending foreclosures for potential defects.
"Our records show that Wells Fargo's foreclosure affidavits are accurate," said company spokeswoman Vickee Adams. When the company finds employees that don't follow procedure, it takes "corrective action." She declined to comment on whether the Fort Mill, S.C.-based employee, Xee Moua, still works for Wells.
http://abcnews.go.com/Business/wireStory?id=11883892
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