SEC Files Subpoena Enforcement Action Against Wells Fargo for Failure to Produce Documents in Mortgage-Backed Securities Investigation

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 22305 / March 23, 2012

Securities and Exchange Commission v. Wells Fargo & Company, Civil Action No. CV-1280087 CRB Misc. (N.D. Cal. March 23, 2012)

SEC Files Subpoena Enforcement Action Against Wells Fargo for Failure to Produce Documents in Mortgage-Backed Securities Investigation

The Securities and Exchange Commission announced today that it has filed a subpoena enforcement action in the U.S. District Court for the Northern District of California against Wells Fargo & Company. According to the filing, the Commission is investigating possible fraud in connection with Wells Fargo’s sale of nearly $60 billion in residential mortgage-backed securities to investors. Pursuant to subpoenas dating back to September 2011, the bank was obligated to produce (and agreed to produce) documents to the Commission, but has failed to do so. Accordingly, the Commission filed its Application for an Order Requiring Compliance with Administrative Subpoenas.

The Commission’s action relates to its investigation into whether Wells Fargo made material misrepresentations or omitted material facts in a series of offerings between September 2006 and early 2008. The Commission’s application explains that, in connection with the securitization of the loans, a due diligence review of a sample of the loans in each offering was performed. Certain loans within that sample would be dropped from the offering for failure to comply with Wells Fargo’s loan underwriting standards. However, according to the Commission, it does not appear that Wells Fargo took any steps to address similar deficiencies in the remainder of the loans in the pool, which were securitized and sold to investors. The Commission is investigating, among other things, whether Wells Fargo misrepresented to investors that the loans being securitized complied with the bank’s loan underwriting standards.

The staff in the Commission’s San Francisco Regional Office issued several subpoenas to Wells Fargo since September 2011 seeking, among other things, materials related to due diligence and to the bank’s underwriting guidelines. According to the Commission, Wells Fargo agreed to produce the documents, and set forth a timetable for doing so, yet has failed to produce many of the materials.

Pursuant to its Application, the Commission is seeking an order from the federal district court compelling Wells Fargo to comply with the Commission’s administrative subpoenas and to produce all responsive materials to the staff. The Commission notes that it is continuing to conduct a fact-finding inquiry and has not concluded that anyone has broken the law.

http://www.sec.gov/litigation/litreleases/2012/lr22305.htm

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4closureFraud.org

Comments
12 Responses to “SEC Files Subpoena Enforcement Action Against Wells Fargo for Failure to Produce Documents in Mortgage-Backed Securities Investigation”
  1. lvent says:

    The truth is…the MBS’s were never worth the paper they were printed on and therefore the are MASSIVE, INSOLVENT DEBTS…. The mortgage fraud was all backed by ZERO.. and the fraud that has been committed in the names of the American people can never be repaid by the BANKSTERS or WALL STREET…it is upwards of a Quadrillion dollars …People who do not believe that kind of debt is possible do not know how many times that WALL STREET and the BANKS chopped up all of their fraudand sold it as different things…!!!…They sold interests in everything and anything with and without a money flow up on WALL STREET…LIKE LOAN APS ETC and they speculated(gambled) exponentionally on that MASSIVE FRAUD…….! THAT IS WHY SPECULATION SHOULD BE OUTLAWED… WHEN THE AMERICAN PEOPLE ARE THE PARTY WHO ARE FUNDING THEIR CRIMINAL GAMBLING HABITS AT THE BANKS AND UP ON WALL STREET…! Now the banks must rescind, clear title on everthing back the AMERICAN PEOPLE…THE ONLY ENTITY WHO EVER HAD ANY REAL SKIN IN THE GAME..!

  2. dRp says:

    and I thought I was the only one they were hiding MBS info from!@

  3. keepon says:

    Ed DeMarco, head of the Federal Housing Finance Agency — which oversees Fannie and Freddie — has stood in the way of (principal) reductions and he’s claimed the support of Fannie and Freddie. But that’s no longer the case. Even Fannie and Freddie now support principal reductions. It’s time for Ed DeMarco to step aside by signing this Whte House petition:

    https://wwws.whitehouse.gov/petitions/!/petition/push-fannie-mae-and-freddie-mac-issue-principal-reductions-underwater-homeowners/qtS3crg7

  4. Collene says:

    We had a 2nd mortgage with Wells Fargo. After 5 yrs of a 10yr loan they did not credit any payments and took our car illegally that they listed as collateral and we weren’t even in arrears. They claimed to have sold it for $710 but never applied the funds and it was worth $6,000 at the time. We have checked every year since and the car has never been registered. We know they sold it to someone that had a dealers plate. We paid off our loan in 5yrs and paid more than the original amount of loan. This was 9 yrs ago but I would love to take any action if possible.

  5. lvent says:

    The truth is America has been hijacked by and ideology that is neither Constitutional or Legal under the laws of this land…The United States of America.

  6. judge allslop says:

    Like the MER’s Company logo states, “Process Loans, Not Paperwork”. If you had the paper work you would discover that we stole investor money, resold it multiple times, made insane derivative bets while taking the counter party trade, played a role in the market collapse , got paid from the insurace company (AIG), got bailout money from the taxpayer, collect fee’s and intrest without putting up a single dollar ourselves, of course not disclosing any of this to any one while we collect payments on Mortgages from property that has probably been paid in full multiple times, foreclosing and gaining “free property”, selling this property at insane discount, deduct the “loss” from our balance sheet while collecting insurance money (fannie Mae), drive the price of our stock up and of course reward our hard work lavishly while we collect on options of inflated stock prices and bonuses.

  7. TO Tell The Truth says:

    This situation with Wells Fargo…it applies to many banks…if they would check out those so call MBS from Deutsch..wow..you will really see the fan getting messed up and stinky…and the others…you see, the so called agreement was only a bait to fish out the banks admission so to speak…it does not prevent other lawsuits from taking place against the banks…the banks are using those old robo signed documents to present new lawsuits against the same defendants, leaving out other fraudulent docs on a case by case basis …so that when they present the new attempt of fraudclosure the new lawsuit will appear to the judge as if it is brand new …
    and the judge will not know that the docs are fraudulent since the banks had time to re-load and now have all the alleged docs to file a ‘proper’ lawsuit, so the judge will be thinking that they are just presenting this suit for the first time not knowing that there exists an old docket in the files at the court with a case that was dismissed. How do I know this, it is happening to me also, the bank took over a year to present the new suit with new attorney after they fired the old one/Stern…using some of the same robo docs, leaving out the falsified robo affidavits, presenting the so called copy of original note and robo assignment…this attorney will definitely be facing the bar if I have anything to do with it…for knowingly presenting these docs knowing them to be questionable and leaving out others that were in the first case so the judge thinks all is well, making it better for me and my attorney now to really go to the hilt…so, instead of filing for a substitution of attorney, they are starting a brand new case with those docs,not knowing I have similar docs and other docs they are not presenting as they will show the fraud big time…God is great all the time ..it does make known those things that are done in secret to the light,touch not my anointed and do my prophets no harm for I shall repay,says God.

  8. PENDINGLAWSUIT says:

    Barry Fagan v Wells Fargo Bank Request for Judicial Notice Re SEC Subpoena Enforcement Action Against Wells Fargo for Failure to Produce Documents Civil Action No. CV-1280087

    http://www.scribd.com/doc/86532056/Barry-Fagan-v-Wells-Fargo-Bank-Request-for-Judicial-Notice-Re-SEC-Subpoena-Enforcement-Action-Against-Wells-Fargo-for-Failure-to-Produce-Documents-Civ

    Comes now Plaintiff Barry S. Fagan herewith serves upon Defendants and their Attorneys of record his Request for Judicial Notice of a related case issued from the UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION

    Securities and Exchange Commission v. Wells Fargo & Company, Civil Action No. CV-1280087 CRB Misc. (N.D. Cal. March 23, 2012) and Plaintiff hereby requests that the Court take Judicial Notice of the following Case: Securities and Exchange Commission v. Wells Fargo & Company, Civil Action No. CV-1280087 CRB Misc. (N.D. Cal. March 23, 2012) On March 23, 2012, the SEC Files Subpoena Enforcement Action Against Wells Fargo for Failure to Produce Documents in Mortgage-Backed Securities Investigation and attached with this Request For Judicial Notice is the Litigation Release No. 22305 dated March 23, 2012.

    Pursuant to subpoenas dating back to September 2011, Wells Fargo Bank was obligated to produce (and agreed to produce) documents to the Commission, but has failed to do so. Accordingly, the Commission filed its Application for an Order Requiring Compliance with Administrative Subpoenas. The issues and findings are intimately related to the case at bar and is authorized under California Evidence Code § 452.

  9. PENDINGLAWSUIT says:

    Barry Fagan v Well Fargo Bank

    http://www.scribd.com/doc/86530258/Barry-Fagan-v-Wells-Fargo-Bank-RE-Five-Requests-for-Judicial-Notice-with-Exhibits-for-Loan-Fraud-Robosigning-Document-Fraud-Appraisal-Fraud-and-P

    REQUESTS FOR JUDICIAL NOTICE

    Pursuant to the provisions of California Evidence Code §§ 451, 452, and 453, it is a matter of judicial notice that that Defendant WELLS FARGO has an established pattern and practice (modus operandi) of falsifying real property documents including recorded instruments, and of submitting such falsified documents to courts in an effort to commit intentional fraud upon said courts. Defendant WELLS FARGO has heretofore submitted altered, and hence false and fraudulent, documents and recorded instruments to this Court in the course of this action, with the intention that the Court be deceived and misled thereby. For purposes of judicial notice, the court’s attention is directed to the following:

    A. REQUEST FOR JUDICIAL NOTICE OF A RELATED CASE/REPORT OFFICE OF THE ASSESSOR-RECORDER SAN FRANCISCO REPORT AS SPONSORED BY PHIL TING ASSESSOR-RECORDER FOR SAN FRANCISCO ENTITLED FORECLOSURE IN CALIFORNIA A CRISIS OF COMPLIANCE SAN FRANCISCO | FEBRUARY 2012 (As filed with the court on February 21, 2012 on file herein)

    B. REQUEST FOR JUDICIAL NOTICE OF THE RECORDED NOTICE OF PENDENCY OF ACTION WITH EXPERT OPINION EVIDENCE OF DOCUMENT FRAUD. (As filed with the court on December 19, 2011 on file herein)

    C. Request for Judicial Notice of the Federal Reserve $87,000,000 Consent Decree against Wells Fargo Bank for employees falsifying borrowers loan applications. (As filed with the court on July 22, 2011)

    D. Request for Judicial Notice of the OCC Consent Decree dated April 13, 2011. (As filed with the Court on April 21, 2011 on file herein)

    E. Request for Judicial Notice of U.S. Department of Housing and Urban Development Office of Inspector General, Region IV Office of Audit MEMORANDUM NO. 2012-AT-1801. (As filed with the Court on March 15, 2012)

  10. Tee says:

    Hahaha…..hey wells fart-go……you busted my stones on the phone the other day when you called me for the 10 thousandth time at 8:01 in the morning…..and shamed me …..hahahahahahaaaaaa….its only the beginning for you banksters!!!

    • TO Tell The Truth says:

      As I have been saying, the best is yet to come… we have not seen anything yet…just the bare tip of the iceberg…let us not so quickly judge the AG’s for their so called agreement which is not yet ratified…I see some strategy in all this…their compelling the banks to even agree to a settlement is really a way to bring the banks to admit that they were wrong, to admit that they did commit crimes even though not spelt out in so many words…why even consider a settlement if you are not guilty…so this agreement is one way to get the issues exposed…I for one will use some of its contents for my new lawsuit…

      Also, we are no longer lambs to the slaughter as in Hitler time when Deutsch Bank financed Hitler war against God’s people…the Jews…the Lord said to Moses…I am the Lord, the Lord God Almighty, who show mercy to whom I will show mercy…but I will in no way clear the guilty…this is my G0d that I trust and that has been revealing to me through His Holy Spirit many of the things that are now being exposed…that is why I am not afraid, He has not given me the spirit of fear but of love, power and a SOUND MIND….I truly want to encourage you all not to become bitter, vengeful, unforgiving and resentful..they poison the body and cloud the mind from thinking rationally….let us review all that has happened and see what good have come of it and see what we can use to help each other…together we stand and divided we fall..
      We want to have a clear and sound mind when we prepare and present our cases whether pro se or via an attorney…when we hire an attorney they are to take instructions from us so together as we gather information and knowledge we can sit and share with them our knowledge and strategize together with the attorney to prepare and present the answer to the complaint etc….believe me, there are some shrewd and knowledgeable attorneys out their but they are not too popular with their peers because of this….your thoughts…

    • see says:

      Wells Fargo think they are above the law. They are so deep in sh$t that decided to blend in with it. I seriously wonder if anything will happen because it always seems like the higher ups always back down and then the banks laugh all the way to the bank.

      Tee, you have no reason to feel shame, don’t give them that power. Give it back to them. The next time they call you start asking them why they are above the law. Let them know you know they aren’t perfect either.

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