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Judge Grants Motion To Dismiss City of Baltimorea?s Lawsuit Against Wells Fargo

^{Published on 2010-01-06 21:01:13 - Market Wire}
 

DES MOINES, Iowa--([ BUSINESS WIRE ])--Today, U.S. District Judge J. Frederick Motz of Maryland granted Wells Fargo & Co.'s (NYSE: WFC) motion to dismiss the lawsuit that the City of Baltimore initiated against Wells Fargo in 2008 alleging that Wells Fargo's lending practices led to foreclosures that harmed the city.

"From the beginning, we have consistently maintained that Baltimore's economic problems could not be attributed to the small number of foreclosures Wells Fargo has done in Baltimore"

"From the beginning, we have consistently maintained that Baltimore's economic problems could not be attributed to the small number of foreclosures Wells Fargo has done in Baltimore," said Cara Heiden, co-president of Wells Fargo Home Mortgage. "We are pleased the Court's decision rejects the city's claim and reflects this point of view."

Judge Motz's decision is consistent with similar cases that have been brought against lenders in Birmingham, Ala. and Cleveland that also have been dismissed.

"Wells Fargo's long-standing vision is to help all of our customers succeed financially, and that includes lending fairly and responsibly to people across the credit spectrum who want to achieve the dream of homeownership and have the ability to repay their loans," said Heiden. "We remain committed to working with our customers in Baltimore and in communities across the country to help those challenged with their mortgage payments, as we have done with close to half a million customers across the country over the last year."

About Wells Fargo

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the Internet (wellsfargo.com) across North America and internationally.