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Wells Fargo Comments on Massachusetts Supreme Court Ruling

  //business-finance.news-articles.net/content/201 .. ments-on-massachusetts-supreme-court-ruling.html
  Published in Business and Finance on Friday, January 7th 2011 at 13:50 GMT by Market Wire
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SAN FRANCISCO--([ BUSINESS WIRE ])--In response to the Massachusetts Supreme Court ruling today, Wells Fargo & Company (NYSE:WFC) issued the following statement.

The loans at issue in the courta™s ruling were not originated, owned, serviced or foreclosed upon by Wells Fargo. As trustee of a securitized pool of loans, Wells Fargo expects the entities who service these loans to abide by all applicable state laws, including those laws that govern foreclosure sales.

Wells Fargo believes the courta™s ruling does not prevent foreclosures on loans in securitizations. The court simply set forth a standard legal process that mortgage servicers must follow in Massachusetts.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet ([ wellsfargo.com ] and [ wachovia.com ]), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortunea™s 2009 rankings of Americaa™s largest corporations. Wells Fargoa™s vision is to satisfy all our customersa™ financial needs and help them succeed financially.