Wells Fargo says it won't face SEC action on mortgages

Wed Nov 28, 2012 6:10pm EST

Nov 28 (Reuters) - Wells Fargo & Co on Wednesday said the staff of the U.S. Securities and Exchange Commission has notified the bank that it doesn't plan to recommend any enforcement action after an investigation of its mortgage-backed securities offerings.

The No. 4 U.S. bank by assets disclosed in February that it may face an enforcement action from the SEC over disclosures in mortgage-backed securities offering documents. Wells said in a securities filing that it was informed on Nov. 20 that the investigation had been completed.

An SEC spokesman declined to comment. Wells Fargo was not immediately available for comment.

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