The Associated Press reports that Federal securities regulators are asking a U.S. court to order Wells Fargo & Co. to turn over documents in an investigation of the bank's sale of $60 billion in mortgage-backed securities.
The Securities and Exchange Commission said in a statement Friday that Wells Fargo agreed to produce the documents under subpoenas dating to September of 2011, but the bank has failed to hand over much of the requested material.
The agency has asked U.S. District Court in San Francisco to order the nation's largest mortgage lender to turn over the paperwork. The SEC is investigating possible fraud in the bank's sale of securities that were made up of multiple mortgage loans between September 2006 and early 2008.
Wells Fargo called the SEC's action "inappropriate and unwarranted….."
Find out more at http://www.wstcwnlk.com/ap/ap/financial-services/feds-say-wells-fargo-wont-turn-over-documents/nLcB3/
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