Wells Fargo & Co. disclosed another round of lapses and potential scandals in a quarterly report Aug. 3, saying it faces a U.S. inquiry into its purchase of low-income housing credits and conceding it may have unnecessarily foreclosed on about 400 homeowners.
Government agencies are examining how Wells Fargo negotiated and purchased “certain federal low-income housing tax credits in connection with the financing of low-income housing developments.” The San Francisco-based bank didn’t identify the agencies in the filing.
