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Wells Fargo standing by accuracy of foreclosure affidavits

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The second largest servicer in the United States, Wells Fargo (WFC) is not planning to review foreclosure affidavits in light of the robo-signer allegations at many of its competitors. In an email to HousingWire, Wells Fargo spokesman Jason Menke said, "Wells Fargo policies, procedures and practices satisfy us that the affidavits we sign are accurate. We audit, monitor and review our affidavits under controlled standards on a daily basis. We will stand by our affidavits and, if we find an error, we will take the appropriate corrective action." America's largest servicer, Bank of America (BAC), has suspended foreclosures cases in 23 states in order to amend any faulty affidavits. Acting Comptroller of the Currency John Walsh earlier Friday asked the nations' seven largest lenders to review its foreclosure processes for any sign of faulty documents. Fannie Mae and Freddie Mac also provided instructions to servicers Friday to review foreclosure processes, ensuring each is in compliance with state law. Write to Jacob Gaffney. Jon Prior contributed to this report. Neither of the authors has relevant investments.

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