The Securities and Exchange Commission (SEC) has accused Wells Fargo of failing to produce documents relating to an investigation of the bank's mortgage-backed securities.The SEC filed a subpoena enforcement action in federal court on Friday, seeking to force Wells to comply with subpoenas dating back to September 2011.
Regulators have been investigating Wells Fargo's disclosures about the mortgages that it securitized and sold to investors between September 2006 and early 2008. The probe involves almost $60 billion worth of residential mortgage-backed securities that Wells sold to investors.
The SEC said it is investigating whether Wells Fargo "made material misrepresentations or omitted material facts" about whether the loans in those securities complied with the bank's underwriting standards.
The San Francisco bank had agreed to provide the documents about its due diligence and underwriting policies but has failed to do so, the SEC said in a press release on Friday.
A Wells spokeswoman said the bank had not yet seen the subpoena