Wells Fargo could be next bank to face suit under FIRREA

Source indicates the bank is currently under investigation

Maybe it’s a more aggressive stance by the federal government and the Securities and Exchange Commission or continuing anger over responsibility of the financial crisis. Regardless, investigations into the mortgage securities practices of large banks seem to be all the rage these days.

This week, a source close to the matter revealed that Wells Fargo could be the next bank formally charged after being investigated under the Financial Institutions Reform and Recovery Act. Bank of America, JPMorgan Chase & Co, Credit Suisse, and Citigroup have also been scrutinized under FIRREA for mortgage bond sales made before the implosion of the economy in the financial crisis. 

Executive Editor

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Chris DiMarco

Chris DiMarco, Executive Editor of InsideCounsel magazine, has a background in multimedia production with previous involvement in projects in which he developed and created content...

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