NEW YORK (Reuters) – Wells Fargo & Co (WFC.N) is facing government probes into its use of low-income housing tax credits, and has also set aside $8 million to compensate borrowers who were incorrectly denied mortgage modifications under a federal assistance program, the bank said in a regulatory filing on Friday.
The new disclosures add to Wells Fargo’s numerous regulatory penalties, private lawsuits and remediation efforts. Most stem from a sales practices scandal that has touched on all of the bank’s major business units.
