- Europe Shares Seen Dropping on Spain Worries
- ECB Rejects Madrid Plan to Boost Troubled Bankia
- Trump Birther Remarks Overshadow Romney Appearance
- Sun to Set on Commodities Super-Cycle: Morgan Stanley
- Most Aid Sent to Athens Circles Right Back to Europe
- Crisis-Battered Greek Banks Set for Weak Quarter
- Romney Clinches Republican 2012 Nomination in Texas
- The Upside to Asian Stock Declines? Better Dividends
- Detroit: From Urban Blight to Tech Might
MOST SHARED
- Sun to Set on Commodities Super-Cycle: Morgan Stanley
- Apple CEO: Ping Failed, TV Gaming Interesting
- Declines in Asian Bank, Property Stocks Yield Rich Dividends
- Asia’s Message to Europe: Bite the Bullet and Implement Reforms
- China's Sany Heavy to Raise $2 Billion in HK IPO
- Thaksin’s Return to Thailand Would Cause Conflict: Former Premier
- JPMorgan Implicated in Japan's Insider Trading Probe
- JPMorgan Dips into Cookie Jar to Offset "London Whale" Losses
- Home Prices Hit Lows, But 'We See Signs of Hope'
- Detroit: From Urban Blight to Tech Might
MOST POPULAR
HOT ON FACEBOOK
Wells Fargo CEO: Mass. Lawsuit Not the Answer
Text Size 
Special to CNBC.com
 |
AP |
Wells Fargo CEO John Stumpf told CNBC Thursday he is "disappointed" his bank is among those being sued by Massachusetts over alleged deceptive foreclosure practices.
"I’ve not seen the complaint but I’m disappointed," he said after a ceremony in Charlotte, N.C., officially retiring the Wachovia bank name.
"We’ve worked hard to come to an agreement that I think would be good for the country, and good for housing. I think we can do that better through working together instead of settling our differences in court. But it is what it is," he said.
Besides Wells [WFC
Loading...
()
], the lawsuit names Bank of America [BAC
Loading...
()
], JPMorgan Chase [JPM
Loading...
()
], Citigroup [C
Loading...
()
]and Ally Financial [GMSPZ
Loading...
()
].
The complaint also names Mortgage Electronic Registration System, Inc. and its parent company as defendants.
The lawsuit is seeking redress for what Massachusetts Attorney General Martha Coakley calls "unlawful and deceptive" conduct in the foreclosure process, including unlawful foreclosures, false documentation, robo-signing, and deceptive practices related to loan modifications.
Stumpf told CNBC Wells had $13.5 billion in loan growth in the third quarter, "the most growth we've seen since the merger with Wachovia. We don’t give guidance but we have boots on the street. We’re hungry to make loans. We have lots of liquidity and we’re finding opportunities."
He also said the bank will continue to buy some of the assets being sold by European banks as they try to add capital. But Wells will be "very selective," he added.
As with the Wachovia merger during the height of the U.S. financial crisis, "we want value. We want things that actually make sense for us," Stumpf said. "We’re not looking to trade their problems for our problems."
The Associated Press contributed to this report.
- The economy is relatively resilient but there are some decisions that could hurt, says this analyst.
- To escape taxes or political uncertainty, millionaires and billionaires are migrating like never before.
- Some places are kinder than others when it comes to selling homes, as these cities seem to be.
- Here are the 15 publicly traded stocks, by value, that are the biggest holdings of Berkshire Hathaway.
- Some restaurants are taking kid favorites like peanut butter and jelly and turning them into adult fare.
- What we have here are the 10 richest counties in America, according to the average income.
Data is a real-time snapshot *Data is delayed at least 15 minutes
