Wells Wins Backing in Mortgage Dispute
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Wells Fargo & Co. doesn’t need a California license or have to follow state rules to issue home loans here, the Office of the Comptroller of the Currency said in a court filing.
The OCC filed the brief in U.S. District Court in Sacramento, the latest development in a dispute between the bank and the California Department of Corporations.
Last week, the state began trying to pull Wells Fargo’s state home loan license because it said the bank was overcharging interest on mortgages and not disclosing enough to consumers.
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